Future Of British Business

Aston Martin, Lucid Gain After Saudi-Backed EV Supply Pact

Lucid will supply parts for $232 million in cash and stock
Saudi Arabia’s PIF is a major shareholder of both companies

An employee works on a an Aston Martin at the Aston Martin Lagonda Global Holdings Plc factory in St Athan, UK. — An employee works on a an Aston Martin at the Aston Martin Lagonda Global Holdings Plc factory in St Athan, UK.
Photographer: Chris Ratcliffe/Bloomberg

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By William Wilkes

June 26, 2023 at 8:00 AM UTC

Updated on

June 26, 2023 at 7:11 PM UTC

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Aston Martin Lagonda Global Holdings Plc is tying up with Lucid Group Inc. on electric vehicle technology, uniting the storied British carmaker and relative automotive newcomer each backed by Saudi Arabia’s sovereign wealth fund. Shares in both companies jumped.