Shares of EV maker Lucid (NASDAQ:LCID) are marching higher at the time of writing today after it announced a long-term strategic partnership with Aston Martin for its high-performance electrification strategy.
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The move, which is a first for Lucid, will help Aston Martin power its future EV models with Lucid’s electric powertrain technology. Additionally, Lucid will also provide technical support as well as components for Aston Martin’s EV platform.
Impressively, Lucid bagged the deal after a competitive process and will help Aston Martin reach its target of bringing to market its first pure electric model by 2025. For Lucid, the deal expands its product reach while leading the way for future mainstream applications of its electric powertrain offerings.
Lucid stands to receive access fees for its technologies with the contracts being pegged at more than $450 million. Further, the company will become a shareholder of Aston Martin with an estimated stake of 3.7%.
Overall, the Street has an $8.17 consensus price target on Lucid alongside a Moderate Buy consensus rating.
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