{"id":27668,"date":"2023-06-26T12:44:10","date_gmt":"2023-06-26T16:44:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/james-bond-gets-an-ev-supply-deal-lucid-aston-martin-partner-stocks-jump\/"},"modified":"2023-06-26T12:44:11","modified_gmt":"2023-06-26T16:44:11","slug":"james-bond-gets-an-ev-supply-deal-lucid-aston-martin-partner-stocks-jump","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=27668","title":{"rendered":"James Bond Gets an EV Supply Deal. Lucid, Aston Martin Partner. Stocks Jump."},"content":{"rendered":"
\n

James Bond seems to have a favorite EV. It isn\u2019t a Tesla.<\/p>\n

\n Lucid
\n is taking a stake in luxury car maker Aston Martin under a deal that will see the EV start-up supplying the storied British marque, driven in films by Britain\u2019s most famous spy, with battery components and technology. <\/p>\n

It\u2019s another example of an electric-vehicle company becoming more than just a car maker. <\/p>\n

\n

The deal has Lucid (ticker: LCID) shares up almost 10% in premarket trading Monday, while
\n S&P 500
\n and
\n Nasdaq Composite
\n futures were off about 0.1% and 0.2%, respectively. Shares of Aston Martin (AML.London) jumped 9.2% in overseas trading. <\/p>\n

It\u2019s a welcome jump for Lucid investors that have endured some tough times lately. Coming into Monday trading, Lucid stock has fallen about 72% over the past 12 months. Shares hit a record low last week. <\/p>\n

In the new partnership, the start-up looks like the senior partner. Aston Martin\u2019s value in the marketplace, including debt and stock, is about $4 billion. Lucid\u2019s value is almost $10 billion. Aston Martin plans to launch its first battery-electric vehicles (BEV) around 2025. In a joint statement, the companies said the deal includes battery systems, not batteries. <\/p>\n

Lucid doesn\u2019t make batteries yet. It sources them from
\n Panasonic
\n (6752.Japan) and others. Many auto makers have begun producing batteries or building battery plants, partly to help reduce costs. Battery plants, however, cost billions and Lucid needs its cash to build its car business. Wall Street expects Lucid will use $2 billion in 2023 and $1.3 billion in 2024. It ended the first quarter with about $4 billion in total liquidity. <\/p>\n

The deal will bring some cash in the door. Lucid will become a 3.7% shareholder in
\n Aston Martin,<\/span>
\n subject to shareholder approval, and receive a payment of \u00a3104 million ($132 million), which potentially could amount to $232 million. <\/p>\n

The pair both have a common shareholder in Saudi Arabia\u2019s Public Investment Fund. The PIF is a majority holder of Lucid stock. <\/p>\n

Peter Rawlinson, CEO of Lucid, said in a statement: \u201cIn line with its strategy, Aston Martin selected Lucid, recognizing the profound benefits of adopting its world-leading electric drivetrain technology.\u201d<\/p>\n

Aston Martin, which is a relatively small car maker, had a deal to buy battery components from bigger partner
\n Mercedes-Benz
\n (MBG.GERMANY) but will now buy them from Lucid. Aston Martin will continue its relationship with Mercedes, providing engines and other equipment. However, the German car giant will no longer raise its 9% stake in Aston, according to a separate statement.<\/p>\n

The deal is significant for Lucid, a Tesla (TSLA) rival, because it shows its tech has a value beyond the vehicles it is able to produce on its own line of vehicles. <\/p>\n

It\u2019s also an interesting trans-Atlantic partnership that combines the skills of a historic British brand with an up-and-coming cutting-edge U.S. EV start-up.<\/p>\n

Write to Rupert Steiner at rupert.steiner@barrons.com<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

James Bond seems to have a favorite EV. It isn\u2019t a Tesla. Lucid is taking a stake in luxury car maker Aston Martin under a deal that will see the EV start-up supplying the storied British marque, driven in films by Britain\u2019s most famous spy, with battery components and technology. It\u2019s another example of an […]<\/p>\n","protected":false},"author":1,"featured_media":27669,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-27668","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nJames Bond Gets an EV Supply Deal. Lucid, Aston Martin Partner. Stocks Jump. | iFintechWorld<\/title>\n<meta name=\"description\" content=\"James Bond seems to have a favorite EV. It isn\u2019t a Tesla. 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