Aston Martin makes electrical half swap away from Mercedes
A
ston Martin Lagonda will swap the provider of key electrical automobile parts from Mercedes to Lucid Motors, ending a deal that may have allowed the German colossus to up its stake within the iconic James Bond model to twenty%.
Lucid will make powertrain parts for Aston Martin’s electrical automobiles, that are set to launch in 2025 and stories declare might value round £250,000. Lucid will obtain £103 million in cash and a 3.7% stake price £79 million.
The FTSE 250 carmaker, which has seen its shares soar this 12 months, had an analogous partnership with Mercedes, however at the moment amended that deal. Instead of offering parts in exchange for newly issued shares, Mercedes might now “discuss future access to technology for cash”.
Mercedes already owns 9% of Aston Martin Lagonda.
Lawrence Stroll, government chairman of Aston Martin, mentioned: “The proposed supply agreement with Lucid is a game changer for the future EV-led growth of Aston Martin. Based on our strategy and requirements, we selected Lucid, gaining access to the industry’s highest performance and most innovative technologies for our future BEV products.”
On the Mercedes deal, Stroll said: “This amendment provides clarity and will see both companies continue our long-standing relationship, providing us with access to Mercedes’ world-class technologies as we bring our new range of breathtaking products to market over the coming years.”
Franz Reiner, non-executive director and Mercedes-Benz AG Representative, said: “As a long-term shareholder, Mercedes-Benz helps Aston Martin’s future growth as an impartial luxurious carmaker.
“Today’s revised cooperation agreement is the best of both worlds: It ensures that Aston Martin continues to have access to a wide range of Mercedes-Benz technologies, while at the same time giving the iconic British carmaker the opportunity to explore new opportunities which fit its specific needs.”
Aston Martin Lagonda shares are up 11.3% at the moment to 364p as the brand new deal means much less dilution . That’s 135% forward of the place they began the 12 months.