Following a $450 million long-term strategic partnership with Aston Martin, Lucid’s CEO has confirmed that the company wants to make more deals with other partners. Speaking to Reuters, CEO Peter Rawlinson said, “This (deal) really kicks off that wing of the Lucid Group’s business.”
The announcement with the British sportscar maker came as a surprise to many but allows the storied company to access Lucid’s high-performance twin motor drive unit, its battery technology, and its Wunderbox — an advanced charging unit.
Elaborating on future deals, Rawlinson confirmed that, much like the Aston deal, Lucid’s initial focus would be on the higher end of the spectrum, with ultra-high voltage tech ideal for performance applications.
Related: Aston Martin Joins Forces With Lucid To Power Its Future EVs
However, a large area for growth will unfold once Lucid starts supplying tech for more mass-market applications. This door is expected to be opened once the company unveils its own Tesla Model 3 rival, a cheaper alternative that will have considerable appeal.
However, Lucid may stop short of offering something like Tesla’s much-anticipated “Model 2” compact EV. “Do we ever want to make a $25,000 car because that’s what it’s going to take to change the world?” Rawlinson said. “I’m not sure if we want to be in that business, but licensing our tech to a company that could do that makes more sense.”
The licensing aspect is one element that will no doubt help the startup company counter some of the pressures experienced by new EV entrants. Rivals such as Rivian have seen losses stack up, while a price war triggered by Tesla’s deep cuts has added insult to injury for most EV makers.
Meanwhile, focusing on licensing mimics the strategy employed by Croatian EV maker Rimac. They too, supplied parts to Aston Martin, and are also working towards furnishing parts to more mass-market EVs.
