Lucid will supply Aston Martin with leading-edge electric powertrains

On Monday morning, Aston Martin announced that it has a new technology partner. The low-volume British sports car maker has just signed a deal with Lucid, the US-based electric vehicle startup, that will see future Aston Martin EVs use Lucid's efficient and powerful powertrains.

"The proposed agreement with Lucid forms a significant pillar of our electrification strategy, providing Aston Martin with access to the industry's leading powertrain and battery systems technology. Combined with our internal development, this will allow us to create a single bespoke BEV platform suitable for all future Aston Martin products, all the way from hypercars to sports cars and SUVs," said Roberto Fedeli, Aston Martin's chief technology officer.

Aston Martin is paying Lucid $232 million in a combination of cash and shares to gain access to its technology. Additionally, it will spend at least $225 million on powertrain components.