Shares of Lucid Group, Inc. (NASDAQ: LCID) are surging in the pre-market trading Monday as the company announced a long-term strategic technology partnership with Aston Martin. This partnership between the two renowned companies will see Lucid integrate and provide Aston Martin with its advanced electric vehicle powertrain and battery systems. The contracts associated with this collaboration are valued at over $450 million.
This landmark agreement represents the first-ever relationship for Lucid Group’s technology arm. This achievement is a realization of Lucid’s vision to expand the reach of its products and open doors for future applications in the mainstream market.
Under this agreement, Aston Martin will gain direct access to Lucid’s proprietary electric powertrain technology. This includes the ultra-high performance twin motor drive unit, the renowned battery technology, and the revolutionary Wunderbox.
Aston Martin will compensate Lucid for access to their technology through a combination of Aston Martin shares and phased cash payments. This will also make Lucid a shareholder in Aston Martin.
Furthermore, Lucid and Aston Martin will establish supply arrangements for Lucid’s powertrain components and systems, solidifying their partnership even further.
Lucid Group (LCID) shares were up 8.80% at $5.95 at the time of publication.