Lucid CEO Says Extra EV Tech Provide Offers To Come After Aston Martin

After asserting final week that it’ll provide Aston Martin with EV powertrain elements and software program, Lucid Group says it plans to pursue related offers with different OEMs as effectively.

CEO Peter Rawlinson says Lucid is seeking to develop its know-how provide enterprise, including that the lately introduced take care of Aston Martin is simply the beginning.

The US EV startup will provide Aston Martin with EV powertrain tech together with a rear drive unit with twin motors, battery modules, and software program for integrating methods. The components might be equipped from Lucid’s plant in Casa Grande, Arizona.

“This (deal) actually kicks off that wing of the Lucid Group’s enterprise,” CEO Peter Rawlinson instructed Reuters. The chief mentioned final month Lucid was in talks on licensing and promoting its powertrain know-how, however did not go into specifics relating to timing and potential companions.

Because the Aston Martin deal suggests, the corporate’s preliminary focus might be on offering high-performance, ultra-high voltage know-how not appropriate for the mass-market, Rawlinson mentioned.

Going ahead, Lucid’s enterprise licensing components ought to develop as the corporate strikes to extra mass-market fashions. Rawlinson reiterated Lucid’s plans to launch a Tesla Mannequin 3 rival within the second half of the last decade.

“Can we ever need to make a $25,000 automobile as a result of that is what it’ll take to alter the world? I am undecided if we need to be in that enterprise, however licensing our tech to an organization that would try this makes extra sense,” Rawlinson mentioned.

Lucid might stand to achieve quite a bit from a rising enterprise of supplying know-how to different firms because the EV startup has been battling rising losses, dwindling money reserves and a value battle began by Tesla.

Lucid’s initiative is much like that of Croatian electrical sports activities automobile maker Rimac, which has additionally equipped components to Aston Martin and is growing components for extra mass-market fashions underneath the Rimac Know-how subsidiary.

The chief added that Saudi Arabia’s Public Funding Fund, which has a majority stake in Lucid and is Aston Martin’s second-largest shareholder, performed no function within the deal. 

“Aston Martin had choices they usually selected fairly independently what they felt is the very best know-how out there on the planet,” Rawlinson mentioned.