New York CNN —British ultra-luxury sports car maker Aston Martin has signed a deal with Lucid Group, the California-based electric luxury car startup.
Saudi Arabia’s Public Investment Fund is the largest shareholder in Lucid and the second-largest in Aston Martin, after billionaire chairman Lawrence Stroll.
And Lucid will take a 3.7% stake in Aston Martin as part of the newly announced arrangement.
Lucid said it was selected by Aston Martin “through a competitive process” in its Monday announcement of the deal.
Shares of Aston Martin rose about 11% by midday Monday on news of the deal.
Persons:
Aston Martin, Lawrence, Lucid, Aston Martin “, Aston Martin’s
Organizations:
New, New York CNN, Lucid Group, Aston, Saudi Arabia’s Public Investment Fund, Volvo, Lotus, Mercedes, Benz, Volkswagen Group, BMW, Royce
Locations:
New York, British, California, Aston Martin