Aston Martin allegedly talking to Saudis, Lucid about electric car plans
Last summer, Aston Martin Executive Chairman Lawrence Stroll continues to revamp the British carmaker by announcing that he is looking for partners for a series of plans tram. At that time, he mentioned Mercedes-Benz, Rivian And lucid as a potential source for a platform and possibly more. Mercedes seems like an odd choice. Although the German is Aston Martin’s technology partner – a friend in a time of great need – Stroll’s comments over the previous year sound as if he considers binding like a punishment he experience. We’re not sure if Rivian will ever get past the period of public contemplation. Lucid seems to be leading the way, as the California automaker has supposed in previous discussions with English about EV sport car communication. car and driver report that Stroll was serious about Lucid again, speaking with both the Saudi Public Investment Fund (PIF) which owns a controlling interest in Lucid and directly with Lucid’s CEO, Peter Rawlinson.
In addition to needing to find partners to supply all kinds of electric batteries, roll Launched circa 2027, Stroll is trying to fend off unwanted suitors and maintain independence. Two years ago, Aston Martin’s share price exceeded £22 per share. Last November it fell below £1 per share, now it’s up to £2. The market has seen a lot of freefalls over the past few years, so Aston is not alone. But the destroyed market cap has led to stories of Geely founder Li Shufu is looking closely at acquiring a second British sports car maker after buying lotus flower. Saudi Arabia’s PIF is now second largest shareholder of Aston Martin Lagonda Global Holdings with an 18.7% stake, after a 28.4% stake held by Stroll’s group. Geely is the third largest shareholders at 7.6%.
Consider what Geely has done with Volvo, The North Star and Lotus, it’s hard to say Shifu would be an unworthy asset manager, but we understand Stroll’s journey to independence. If Stroll can close a deal that gives his automaker money, an electric vehicle platform, and a technology partner, he’ll have some breathing room. Come up with a new deal with Saudi PIF and Lucid can do all three, as well as give Lucid, Californians the ability to take advantage of Aston Martin’s service infrastructure and storefronts.
The CD reports say Aston Martin “supposedly” made arrangements in January to buy Lucid solenoid motor. Aston Martin F1 group buys wholesale power units from Mercedes and doesn’t have a Formula E team, presumably suggesting the deal is for passenger cars lineup to be refreshed at the end of this year. Complicated matters such as “Aston’s mounting debt burden and Lucid’s rapid cash-burning pace” are said to be hindering the existing partnership. Both problems can be alleviated by the Saudi PIF, if it chooses.