Aston Martin, Lucid Group to enter into agreement to make electric vehicles

British luxury carmaker Aston Martin said on Monday it would enter into an agreement with Lucid Group to manufacture "high performance" electric vehicles (EVs).

As part of the agreement, U.S.-based luxury EV maker Lucid will supply Aston Martin with select powertrain components for initial and certain future battery-electric vehicle (BEV) models.

Under the terms of the proposed agreement, Aston Martin would issue about 28.4 million new ordinary shares and make phased cash payments to Lucid totalling about $232 million, while Lucid would become a 3.7% shareholder in the car maker.

"Combined with our internal development, this (the agreement) will allow us to create a single bespoke BEV platform