Aston Martin Shares Surge After Striking $232 Million Electric Deal With Lucid

TOPLINE Shares of Aston Martin were up nearly 12% Monday morning, after the luxury carmaker reached a $232 million deal to enter the electric car market with the help of Lucid Group.California-based carmaker Lucid Group will get a 3.7% stake in Aston Martin—worth about $232 million—in exchange for providing the company with the electric vehicle powertrain and battery systems needed to take its fleet electric, Reuters reported.

Aston Martin, which also gets engine and EV technology from an agreement with Mercedes-Benz, plans to release its first hybrid car in 2024 and first electric in 2025, wants to offer every new model in an electric version by 2026 and, by 2030, plans for its core range of vehicles to be fully electric.The combination of Lucid's existing technology with Aston Martin's "internal development" will build a battery-electric platform for use in "hypercars to sports cars and SUVs," Roberto Fedeli, CTO of Aston Martin, said.

Aston Martin Lagonda shares—which trade in London—had jumped 11.5% by 9:35 a.m. Eastern, and were trading at $365.

https://www.forbes.com/sites/maryroeloffs/2023/06/26/aston-martin-shares-surge-after-striking-232-million-electric-deal-with-lucid/?sh=430d0a973351