Lucid Seeks More Automotive Partnerships

Lucid Motors Strengthens EV Development

Following their pioneering partnership with Aston Martin, new electric vehicle (EV) firm Lucid Motors has voiced a readiness to cooperate with other car manufacturers. The CEO, Peter Rawlinson, revealed to Reuters that this approach was adopted in an effort to acquire monetary stability in the ever-expanding EV business.

Revealing the news, Rawlinson divulged that the firm is currently partaking in negotiations with potential collaborators about granting and putting up for sale its electric vehicle powertrain technology, without going into more detail. He went on to say that these innovative partnerships would confer access to Lucid’s proficiency in EV knowledge.

Rawlinson proclaimed that the moment expansion is initiated, Lucid will begin to provide technology on a massive level; exceptionally suitable for broadened, mass-market usages.

Theoretically, this should equip Lucid with adequate resources to fabricate its impending electric automobiles. Seemingly, the blueprint involves generating a counterpart to Tesla Model 3 which would matchup in terms of features and pricing. Unfortunately, Tesla’s discount has been a worrying matter for Lucid, primarily because the Tesla EVs, notably the Model S series, come at cheaper cost than the Lucid Air.

However, Rawlinson holds back when it comes to competing with Model 3 on price.

“Do we ever want to produce a $25,000 car that would revolutionize the world? I’m not sure if that’s something we are interested in doing, but it may be more feasible to provide our technology to a company that could make that happen,” said Rawlinson.

Lucid’s approach mirrors what Rimac did in the past, having equipped their 1,139-horsepower Aston Martin Valkyrie with an advanced lightweight hybrid battery. Their technology has also been assimilated by mass-market vehicle producers, such as Hyundai.

At the same time, Lucid’s tie-up with Aston Martin involves supplying the British automobile maker with its powerful two-motor drive unit, battery engineering and Wunderbox, a sophisticated charging device. Lucid’s advanced EV technology and electrically powered system knowledge will equip Aston Martin with the necessary parts to create their hypercars, supercars, and sport utility vehicles of the future.

The arrangement will grant Lucid Motors a 3.7% proprietorship in Aston Martin, equating to approximately $100 million in stocks as well as a combined worth of $232 million. The entry of Lucid contributes hugely to the escalating list of Aston Martin’s shareholders, including Geely International at 17.6% and Mercedes-Benz with 9.4%.