Aston Martin recently announced a strategic collaboration agreement with the American electric vehicle startup, Lucid Group, to produce high-performance electric vehicles. Aston Martin will have access to Lucid's technology, including the powertrain and battery systems, for use in their electric vehicles.
According to the proposed terms of the agreement, Aston Martin will issue 28,352,273 new ordinary shares to Lucid and make phased cash payments, with a total value of approximately $232 million. Lucid will become a shareholder of Aston Martin Global Holdings, holding approximately 3.7% of the shares.
Previously, Zhu Jiang, former Vice President of User Development and Operations at NIO, joined the American automotive startup Lucid and is responsible for the company's business in the Chinese market. Zhu Jiang stated in an interview, "Lucid, the American automotive startup, is preparing to enter the Chinese market."
On May 18, Geely Holding completed its share increase in Aston Martin, bringing its stake to approximately 17%. With this new collaboration between Aston Martin and Lucid to produce high-performance electric vehicles, we can see their determination towards brand development and the electrification transition.
