Aston Martin -- the brand behind James Bond's iconic spy car -- is on a mission to "create leading ultra-luxury high-performance electric vehicles." To accomplish this, the British automaker unveiled a new deal with U.S.-based EV makers Lucid June 26.
The deal will see Lucid supplying Aston Martin with "industry-leading" EV tech, namely focused on electric powertrains and battery systems. As part of the deal, Aston Martin will be issuing 28.4 million shares to Lucid, giving the EV leaders an approximate 3.7% stake in the company. Lucid will also receive cash payments, for a total value of around $232 million.
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The deal is a big component of Aston Martin's broader sustainability strategy, which will see the automaker invest some two billion euros ($2.18 billion) in new technology over the next five years.
"The proposed agreement with Lucid forms a significant pillar of our electrification strategy, providing Aston Martin with access to the industry’s leading powertrain and battery systems technology," the company's CTO, Roberto Fedeli, said in a statement. "Combined with our internal development, this will allow us to create a single bespoke BEV platform suitable for all future Aston Martin products, all the way from hypercars to sports cars and SUVs."
Aston Martin said that its ongoing deal with Mercedes-Benz to provide Aston Martin access to high-end tech for hybrid and electric vehicles will, additionally, continue.
The automaker said that its first plug-in hybrid, in the form of a supercar named "Valhalla," will be made available in 2024, adding that its first fully-electric model will be available by 2025.
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(LCID) stock jumped more than 11% in the wake of the partnership. (AMGDF) stock, likewise, rose more than 11%. Both companies additionally have a common investor in Saudi Arabia. Saudi Arabia's Public Investment Fund is Lucid's main shareholder and Aston Martin's second-largest shareholder.
"The supply agreement with Lucid is a game changer for the future EV-led growth of Aston Martin," the company's executive chairman, Lawrence Stroll, said in a statement. "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."
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