Shares of luxury electric vehicle maker, Lucid Group (NASDAQ:LCID) soared in premarket Monday after the electric automaker announced that they have entered into an agreement with Aston Martin (LON:AML) to establish a long-term strategic technology partnership with the purpose to accelerate the British automaker’s high-performance electrification strategy and long-term growth.
"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," said Peter Rawlinson, CEO and CTO, Lucid. "In line with its strategy, Aston Martin selected Lucid, recognizing the profound benefits of adopting its world-leading electric drivetrain technology, exemplified by the breakthrough 516-mile EPA-estimated range achieved by the Lucid Air Grand Touring."
The partnership allows Aston Martin access to Lucid’s world-leading electric powertrain technology to power future Aston Martin battery electric vehicles. As part of the agreement, Aston Martin will receive valuable technical assistance from Lucid in seamlessly integrating their advanced proprietary technology into a brand-new electric vehicle platform developed by Aston Martin. Additionally, Lucid will supply essential components to Aston Martin, further solidifying their collaboration.
"The supply agreement with Lucid is a game changer for the future EV-led growth of Aston Martin," said Lawrence Stroll, executive chairman, 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."
The agreement highlights Lucid's dedication to giving Aston Martin access to top-of-the-line technology, empowering the company to accelerate its progress toward the goal of introducing the inaugural all-electric Aston Martin model in 2025. This collaboration also plays a pivotal role in bolstering Aston Martin's broader Racing Green sustainability strategy.
Shares of LCID are up 8.96% in premarket trading on Monday.