Business
Aston Martin Lagonda and Lucid Group, Inc.
Aston Martin Lagonda and Lucid Group, Inc..
About this update from Aston Martin Lagonda Global Holdings Plc
[{"type":"text","content":"\n\n26 June 2023\n \nAston Martin Lagonda Global Holdings plc\n \nAston Martin Lagonda and Lucid Group, Inc. to enter in to strategic supply agreement to create industry-leading ultra-luxury high performance electric vehicles\n· Agreement to include access to Lucid's industry-leading technologies and long-term relationship whereby Lucid will supply Aston Martin with select powertrain components for initial and certain future BEV models\n· Under the terms of the proposed agreement, Aston Martin would issue 28,352,273 new ordinary shares to Lucid and make phased cash payments to Lucid, with the aggregate value of shares issued and cash payments totalling approximately $232m (£182m)\n· Lucid Group would become a c. 3.7% shareholder in Aston Martin Lagonda Global Holdings plc\n· Agreement subject to shareholder approval, with irrevocable commitments to vote in favour received from Yew Tree Consortium, Mercedes-Benz and Geely representing 48.1% of issued share capital. As PIF, controlling shareholder of Lucid, cannot vote on the resolution approving entry into the agreement with Lucid, 58.5% of the votes in respect of that resolution are in fact secured\nAston Martin Lagonda Global Holdings plc (\"Aston Martin\", \"Aston Martin Lagonda\" or the \"Company\") and Lucid Group, Inc. (\"Lucid\") have today announced their intention to enter into a unique and innovative supply arrangement between their respective groups, which will support Aston Martin's high-performance electrification strategy and long-term growth.\nUnder the terms of an initial Implementation Agreement entered into today between Aston Martin and Lucid, subject to receiving shareholder approval and the satisfaction of certain regulatory and other conditions, the parties have agreed to enter into integration and supply agreements that would provide Aston Martin with access to Lucid's industry-leading technology for its BEVs, including electric powertrains and battery systems.\nThe proposed alignment of Aston Martin's iconic brand, ultra-luxury craftsmanship and high performance in-house engineering excellence, with Lucid's advanced technologies and expertise in luxury electric vehicles, would create an unrivalled combination with th...