US-based start-up Lucid Group has announced it has entered a definitive agreement with British luxury automaker Aston Martin.
The agreement will establish a long-term strategic technology partnership that will elevate Aston Martin’s electrification strategy, Lucid says.
Aston Martin will integrate Lucid’s powertrain and battery systems in contracts worth ‘in excess’ of $450m. Included are Lucid’s high-performance twin motor drive unit.
Peter Rawlinson, CEO and CTO, Lucid said: “This partnership will represent a landmark collaboration between Aston Martin, a storied marque with a rich history, including winning at Le Mans and its current successes in F1, and the very best of Silicon Valley innovation and technology from Lucid.”
Lawrence Stroll, Executive Chairman, Aston Martin said: “The supply agreement with Lucid is a game changer for the future EV-led growth of Aston Martin.
“Based on our strategy and requirements, we selected Lucid, gaining access to the industry’s highest performance and most innovative technologies for our future BEV products.”
Both Lucid and Aston Martin have been looking to China recently to help expand their operations, with reports that Lucid is set to enter the Chinese market.
Earlier this year, Aston Martin saw its share price surge after Geely doubled its stake in the firm.