Why Lucid Stock Is Racing Higher Monday

Lucid Group Inc LCID shares are trading higher Monday after the company announced a technology partnership with Aston Martin.

What To Know: Lucid entered into a definitive agreement to establish a strategic partnership with Aston Martin to integrate and supply electric vehicle powertrain and battery systems. The contracts with Aston Martin are worth more than $450 million. 

"The supply agreement with Lucid is a game changer for the future EV-led growth of Aston Martin," said Lawrence Stroll, executive chairman of Aston Martin.

"Based on our strategy and requirements, we selected Lucid, gaining access to the industry's highest performance and most innovative technologies for our future BEV products."

Through the agreement, Lucid is expected to help Aston Martin reach its target of launching its first pure electric vehicle in 2025. Lucid will also help support the company's Racing. Green. sustainability strategy.

The agreement still needs to be approved by Aston Martin's shareholders and applicable regulatory bodies. 

See Also: Watch: Lucid Air Grand Touring Performance Obliterates GM Corvette C8 Z06 In Epic Drag Race

LCID Price Action: Lucid shares were up 10.4% at $6.04 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Lucid.