2023-06-26 13:26:30
British automaker Aston Martin has reached a deal that will give US electric vehicle (EV) maker Lucid Motors a 3.7% stake in the company in exchange for access to its “high performance”. The new deal was announced by Aston this Monday (26).
What do you need to know:
Electrifying automakers is extremely expensive, with companies globally committing an estimated $1.2 trillion to the low-emissions technology; Thus, smaller automakers like Aston Martin depend on partnerships to make the transition; According to Reuters information, in addition to access to Lucid’s EV technology, the deal calls for Aston Martin to make cash payments and issue 28.4 million new shares of common stock for the American manufacturer.
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The Lucid deal will give Aston “access to Lucid’s industry-leading technology for its BEVs (battery electric vehicles), including electric powertrains and battery systemsa”.
The British automaker, known for its luxury cars, plans a plug-in hybrid in 2024 and its first EV by 2025. The company’s aim is to offer a range of fully electrified Sport/GT vehicles and SUVs by 2030.
Until now, Aston Martin has relied on Mercedes to provide the technology it needs, but this Monday it also announced some changes to its agreement with the German carmaker – Mercedes will not increase its stake as planned, but will continue to provide Aston with access to the engine. and EV technology.
Aston’s race to electrify its fleet is due to the rapid advancement of the market and competition in the field of electric vehicles, which Elon Musk’s Tesla leads. In several countries, including Brazil, EVs are becoming increasingly popular — a recent survey by the Olho no Carro platform, for example, showed that between 2022 and 2023 there was a 300% increase in the search for used EVs in the country.
Opting for Lucid as a new partnership seems to be a strategic and wise choice, as Tesla’s rival company specializes in luxury EVs and owns the Lucid Air, considered the best electric sedan of 2021 by Motor Trend magazine. The vehicle won the traditional Car of the Year award, beating models such as the Mercedes-Benz EQS and Porsche Taycan.
With information from Reuters
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