Lucid Group (NASDAQ:LCID) CEO Peter Rawlinson said on Monday that the EV maker's relationship with British car manufacturer Aston Martin is "solid as a rock" despite the latter having delayed their plans to launch its first battery electric vehicle.
What Happened: "Look, there was an announcement that there's a little delay on their end, which is disappointing because it's disappointing that any EV is delayed," Rawlinson said on Monday during Lucid's second-quarter earnings call. "But I completely empathize with where they are in terms of their customer requirements."
The delay in EV plans, however, does not make any long-term difference to the relationship between the two companies, the CEO said.
"We're solid as a rock. Aston is fully committed. We're all in to ensure that Aston creates the best electric hypercars in the world," Rawlinson said.
Concerns Of Competition Between Partners: There is also no intersection of Lucid's EV market with that of Aston Martin's future lineup, Rawlinson noted. While Lucid's Air sedan's base version starts at $69,900, its more premium Air Sapphire version starts at $249,000. Aston's vehicles, meanwhile, start at about $250,000, ensuring there is no intersection of the two companies' markets.
"...Aston starts where we finish. So, there's no cannibalization. There's absolute synergy and a great working relationship," Rawlinson said about its relationship with the British car maker famed as the fictional spy James Bond's car brand of choice.
Why It Matters: Aston Martin said in February that it now expects to launch its first battery electric vehicle, or BEV, in 2026 instead of 2025 as previously planned. The company cited low consumer demand as the cause for the delay.
Aston Martin and Lucid entered into a partnership in June 2023 to supply and integrate the EV maker's powertrain and battery systems for future Aston Martin EVs.
Lucid currently has only one EV in production – the Air sedan. The company is gearing up to start production of its Gravity electric SUV later this year.