Aston Martin Lagonda, Lucid To Enter Supply Agreement; Lucid To Own 3.7% Shareholding In Aston

(RTTNews) - Aston Martin Lagonda Global Holdings plc (AML.L) and Lucid Group, Inc. have announced intention to enter into a supply arrangement. The companies have agreed to enter into integration and supply agreements that would provide Aston Martin with access to Lucid's technology for its BEVs, including electric powertrains and battery systems.

Lucid is majority-owned and controlled by the Public Investment Fund, a substantial shareholder of Aston Martin.

Under the terms of the proposed agreement, Aston Martin would issue 28,352,273 new ordinary shares to Lucid and make phased cash payments to Lucid, with the aggregate value of shares issued and cash payments totalling approximately $232 million. Lucid Group would become a approximately 3.7% shareholder in Aston Martin Lagonda Global Holdings plc.

Lawrence Stroll, Executive Chairman of Aston Martin, said: "The proposed supply agreement with Lucid is a game changer for the future EV-led growth of Aston Martin."