Lucid CEO Says More EV Tech Supply Deals To Come After Aston Martin

The Aston Martin deal kicks off Lucid Group's EV tech supply business, Peter Rawlinson said.

Lucid Air Sapphire front end

Dan Mihalascu

By: Dan Mihalascu

Jul 3, 2023 at 12:19pm ET

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After announcing last week that it will supply Aston Martin with EV powertrain components and software, Lucid Group says it plans to pursue similar deals with other OEMs as well.

CEO Peter Rawlinson says Lucid is looking to grow its technology supply business, adding that the recently announced deal with Aston Martin is just the start.

The US EV startup will supply Aston Martin with EV powertrain tech including a rear drive unit with twin motors, battery modules, and software for integrating systems. The parts will be supplied from Lucid's plant in Casa Grande, Arizona.

"This (deal) really kicks off that wing of the Lucid Group's business," CEO Peter Rawlinson told Reuters. The executive said last month Lucid was in talks on licensing and selling its powertrain technology, but didn't go into specifics regarding timing and potential partners.

As the Aston Martin deal suggests, the company's initial focus will be on providing high-performance, ultra-high voltage technology not suitable for the mass-market, Rawlinson said.

Gallery: Lucid Air Sapphire

Lucid Air Sapphire

Going forward, Lucid's business licensing parts should grow as the company moves to more mass-market models. Rawlinson reiterated Lucid's plans to launch a Tesla Model 3 rival in the second half of the decade.

"Do we ever want to make a $25,000 car because that's what it's going to take to change the world? I'm not sure if we want to be in that business, but licensing our tech to a company that could do that makes more sense," Rawlinson said.

Lucid could stand to gain a lot from a growing business of supplying technology to other companies as the EV startup has been battling increasing losses, dwindling cash reserves and a price war started by Tesla.

Lucid's initiative is similar to that of Croatian electric sports car maker Rimac, which has also supplied parts to Aston Martin and is developing parts for more mass-market models under the Rimac Technology subsidiary.

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The executive added that Saudi Arabia's Public Investment Fund, which has a majority stake in Lucid and is Aston Martin's second-largest shareholder, played no role in the deal.

"Aston Martin had options and they chose quite independently what they felt is the best technology available on the planet," Rawlinson said.

More stories on Lucid Group's initiatives

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Source: Reuters

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