Lucid, the US-based electric vehicle (EV) company, has revealed its intentions to pursue additional agreements for the sale of its luxury EV equipment as part of its strategy to expand its technology supply business. According to the company’s CEO, Peter Rawlinson, the recent partnership with Aston Martin is just the beginning of their endeavors in this area.
Under the agreement announced on Monday, Lucid will supply Aston Martin with various technologies, including a rear drive unit equipped with twin motors, battery modules, and software for system integration. These components will be sourced from Lucid’s plant in Arizona, emphasizing the company’s commitment to American manufacturing.
CEO Peter Rawlinson highlighted the significance of this deal, stating, “This [agreement] really kicks off that wing of the Lucid Group’s business.” He further mentioned that Lucid has been engaged in discussions regarding licensing and selling its powertrain technology, although specific details regarding timing and potential partners were not disclosed.
Initially, Lucid will concentrate on providing high-performance, ultra-high voltage technology, which may not be suitable for the mass market, as evident in the collaboration with Aston Martin. However, Rawlinson expressed optimism that as Lucid progresses and introduces more mass-market models, their business of licensing parts will expand.
In the coming years, Lucid plans to develop a model to rival Tesla’s mass-market offering, the Model 3. This move reflects the company’s broader strategy of catering to a wider consumer base beyond the luxury segment.
For Lucid, establishing itself as a supplier to other automakers is a strategic approach shared by Croatian electric sports car manufacturer Rimac. Rimac has also supplied components to Aston Martin and is actively working on providing parts for mass-market models.
Rawlinson pondered on Lucid’s future aspirations, stating, “Do we ever want to make a $25,000 car because that’s what it’s going to take to change the world?” This comment suggests that Lucid is considering the possibility of developing more affordable electric vehicles that could have a significant impact on global adoption.
Expanding its business as a technology supplier to other car manufacturers is seen as a potential growth avenue for Lucid. Like many of its competitors, the company has faced challenges such as mounting losses, limited cash reserves, and intense competition, particularly from Tesla, which has sparked a price war in the EV market.
Lucid’s ambition to supply its cutting-edge EV technologies to other industry players aligns with its vision of driving innovation and sustainability. By leveraging its expertise and advanced technologies, Lucid aims to play a pivotal role in the transition to electric mobility and contribute to the transformation of the automotive industry.
