We are advising Lucid Group on the transaction 

Davis Polk is advising Lucid Group, Inc. in connection with a long-term strategic technology partnership in which Lucid will provide Aston Martin with powertrain and battery system technology for use in Aston Martin’s initial and certain future electric vehicles. Under the terms of an initial implementation agreement, subject to the satisfaction of certain conditions, Lucid and Aston Martin have agreed to enter into integration and supply agreements under which Lucid will provide Aston Martin access to Lucid’s powertrain and battery system technologies, work with Aston Martin to integrate Lucid’s powertrain and battery components with Aston Martin’s BEV chassis, and supply powertrain and battery components to Aston Martin. Aston Martin will pay Lucid a technology access fee of $232 million, comprising $100 million in ordinary shares of Aston Martin and aggregate cash payments of $132 million phased over a period of three years, with the consideration shares and $33 million in cash payable to Lucid upon satisfaction of the conditions and commencement of the partnership. Aston Martin will also commit to an effective minimum spend with Lucid on powertrain components of $225 million. The agreement is subject to receiving Aston Martin shareholder approval, including as a related party transaction under the UK Listing Rules, and the satisfaction of certain regulatory and other customary conditions. 

Founded in 2007, Lucid is a luxury electric vehicle design, technology, engineering and manufacturing company whose mission is to inspire the adoption of sustainable energy by creating advanced technologies and the most captivating luxury electric vehicles centered around the human experience. Lucid is headquartered in Newark, California, and produces its first electric vehicle, the Lucid Air, at its new factory in Casa Grande, Arizona. 

The Davis Polk corporate team includes partners Emily Roberts and Dan Hirschovits, counsel Joseph Scrace and associates Mark Keohane and Gilbert Lim. The tax team includes partner Jonathan Cooklin and associate Freddie Schwier. The antitrust and competition team includes counsel Mary K. Marks and Matthew Yeowart. Members of the Davis Polk team are based in the London, New York and Northern California offices.

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