{"id":1956930,"date":"2023-06-26T06:59:01","date_gmt":"2023-06-26T10:59:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aston-martin-turns-to-us-ev-company-lucid-for-high-tech-help\/"},"modified":"2023-06-26T07:01:57","modified_gmt":"2023-06-26T11:01:57","slug":"aston-martin-turns-to-us-ev-company-lucid-for-high-tech-help","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aston-martin-turns-to-us-ev-company-lucid-for-high-tech-help\/","title":{"rendered":"Aston Martin seeks assistance from US EV firm Lucid for advanced technology."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Faston-martin-turns-to-us-ev-company-lucid-for-high-tech-help%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1956930&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p>By Nick Carey and Aby Jose Koilparambil<\/p>\n<p>(Reuters) -Aston Martin has reached a deal that will give U.S. electric vehicle (EV) maker Lucid Group a 3.7% stake in return for access to its \u201chigh performance\u201d technology, the British company said on Monday, sending its shares up nearly 15%.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Under the agreement, Aston Martin will <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-will-honor-victims-of-tulsa-race-massacre\/\" title=\"Biden Will Honor Victims of Tulsa Race Massacre\">make cash payments<\/a> and issue 28.4 million new ordinary shares to Lucid, worth together about $232 million. <\/p>\n<p>The shift to electric is phenomenally costly, with carmakers globally committing around $1.2 trillion to the low-emission technology. Smaller carmakers like Aston Martin are more reliant on partnerships to make the transition.<\/p>\n<p>Aston Martin plans its first EV in 2025 and until now had leant on Mercedes as its \u201cbig brother\u201d to provide the technology it needs.<\/p>\n<p>In a separate announcement on Monday, Aston Martin said it had amended an agreement with Mercedes-Benz meaning the German carmaker would not increase its stake as planned, but will maintain around 9% in Aston Martin and continue to provide it with access to engine and EV technology. <\/p>\n<p>The agreement with Lucid meanwhile will give \u201caccess to Lucid\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/business-groups-lobby-against-trump-era-rule-blocking-chinese-tech\/\" title=\"Business Groups Lobby Against Trump-Era Rule Blocking Chinese Tech\">industry-leading technology<\/a> for its (battery electric vehicles) BEVs, including electric powertrains and battery systems\u201d.<\/p>\n<p>Aston Martin said that by 2026 all of its new models will include an electrified version and that its core range of vehicles will be fully electric by 2030.<\/p>\n<p>\u201cWe now have two world-class suppliers to support\u2026 our electrification strategy,\u201d Aston Martin\u2019s executive chairman and top shareholder Lawrence Stroll said in a statement.<\/p>\n<p>Last month Geely invested in Aston Martin, which Stroll said will give the British luxury carmaker access to the Chinese carmaker\u2019s technologies and components. <\/p>\n<p>Lucid and Aston Martin have a common shareholder in Saudi Arabia\u2019s Public Investment Fund (PIF). The Saudi wealth fund became Aston Martin\u2019s second-largest shareholder last year. <\/p>\n<p>PIF is also Lucid\u2019s main shareholder and last month provided a majority of the funds for a $3 billion stock offering by the U.S. EV maker.  <\/p>\n<p>Those additional funds are critical as Lucid, like its peers, struggles with mounting losses and tightening cash reserves in the face of recession fears and a price war sparked by market leader Tesla Inc.<\/p>\n<p>Lucid, which makes luxury Air sedans, trimmed its 2023 production forecast last month and reported a lower-than-expected first-quarter revenue.<\/p>\n<p>At 1009 GMT Aston Martin shares were up around 10%, after rising as much as 14.6% earlier in the day.<\/p>\n<p> (Reporting by Aby Jose Koilparambil in Bengaluru; Editing by Rashmi Aich and Barbara Lewis)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/aston-martin-turns-to\/attachment\/file-photo-a-lucid-air-electric-vehicle-is-displayed-in\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/aston-martin-turns-to\/attachment\/the-aston-martin-logo-is-seen-on-a-v12-vantage\/\"><\/a><\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/aston-martin-turns-to\/attachment\/file-photo-lucid-motors-nasdaq-lcid-begins-trading-today-on\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>After India Prime Minister Narendra Modi and President Biden meet to strengthen ties, Barack Obama makes some very polarizing comments on the state of India during an interview on CNN<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>This week has been filled with major headlines in the U.S. and around the world. One America\u2019s Rachel Acenas brings us more in our Week in Review.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>The massive search for a missing sub with five people on board comes to an end.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>More GOP candidates are entering the 2024 presidential election, with many speculating why now? One America\u2019s Monica Paige reports.<\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Nick Carey and Aby Jose Koilparambil (Reuters) -Aston Martin has reached a deal that will give U.S. electric vehicle (EV) maker\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Sam Nussey and Tim Kelly TOKYO (Reuters) -Japan stepped up efforts to bolster its chip industry on Monday, with a government-backed\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>By Jane Lanhee Lee and Nathan Frandino MOUNTAIN VIEW, California (Reuters) \u2013 Google parent Alphabet has already tried and failed to bring\u2026 <\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<p>HONG KONG (Reuters) \u2013 Berkshire Hathaway, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/obama-keynotes-disinfo-meeting-alongside-allies-associated-with-fake-news-scandals\/\" title=\"Obama Keynotes Disinfo Meeting Alongside Allies Associated with Fake News Scandals\">investment company owned<\/a> by Warren Buffett, has sold 2.53 million Hong Kong-listed shares of electric\u2026 <\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>give Lucid Group a 3.7% stake in exchange for access to its &#8220;high performance&#8221; technology. Aston Martin&#8217;s shares surged by almost 15% following the announcement.<\/p>\n","protected":false},"author":66,"featured_media":1956931,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-1956930","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1956930","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1956930"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1956930\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1956931"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1956930"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1956930"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1956930"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}