Aston Martin to enter EV market in deal with Lucid Group

(Sharecast News) - Luxury carmaker Aston Martin on Monday said it was entering the electric vehicle market after signing a strategic supply agreement with Lucid Group. The company will issue about 28.4 million new ordinary shares and make phased cash payments to Lucid of around $232m (£177m), while Lucid would become a 3.7% shareholder in the car maker.

"The supply agreement would also complement the bespoke development of a single BEV platform by Aston Martin that will be utilised across its future electrified product portfolio, and support the Company's target to launch its first BEV in 2025," Aston Martin said in a statement.

Reporting by Frank Prenesti for Sharecast.com