Aston Martin Lagonda Global Holdings Plc., maker of the Aston Martin brand of cars, is tying up with Lucid Group Inc. on electric vehicle technology, uniting the British carmaker and relative automotive newcomer both backed by Saudi Arabia’s sovereign wealth fund, according to Bloomberg.
According to reports, Aston Martin will pay $232 million in shares and cash to Lucid in exchange for battery-electric powertrain components, the companies said Monday.
Aston Martin also extended a years-long cooperation with Mercedes-Benz Group AG, though it will no longer issue more stock to the German carmaker that already owns a roughly 9% stake.
Aston Martin is the maker of high-end luxury sports vehicles and convertibles.
The announcements sent Aston Martin shares soaring as much as 15% and Lucid’s stock was up 9.1% at the start of the day.
Saudi Arabia’s PIF owns north of 60% of Lucid Motors, Inc.
