British luxury carmaker Aston Martin said on Monday it would enter into an agreement with Lucid Group to manufacture "high performance" electric vehicles (EVs).
As part of the agreement, U.S.-based luxury EV maker Lucid will supply Aston Martin with select powertrain components for initial and certain future battery-electric vehicle (BEV) models.
Under the terms of the proposed agreement, Aston Martin would issue about 28.4 million new ordinary shares and make phased cash payments to Lucid totalling about $232 million, while Lucid would become a 3.7% shareholder in the car maker.
"Combined with our internal development, this (the agreement) will allow us to create a single bespoke BEV platform suitable for all future Aston Martin products," said Roberto Fedeli, chief technology officer of Aston Martin.