EVs -- Update -- June 26, 2023

Locator: 45063EVS.

See: FF-91 Future.

See: China's "Tesla Killer" tumbles as EV price war takes toll.  

EVs: tracked here.

EVs:

• must-read story today; The WSJ; brings us up-to-date on the sorry excuse for EVs
• link here;
• how bad is it: this is the big FT story on EVs today:
• Aston-Martin ditched Mercedes; will buy its batteries from US-based Lucid
• what's this all about?
• three guesses and first two don't count
• link here; archived.

Aston Martin has ditched a plan to buy batteries from Mercedes-Benz and instead struck a deal with Lucid that will see the US start-up take a stake in the struggling luxury-car maker.

The agreement with Lucid will allow Aston to escape a series of financial commitments it made to Mercedes, which is a significant shareholder in the UK company, in a deal struck in 2020.

Aston has had a bruising life on the stock market since its initial public offering in 2018, with the group’s pre-tax loss more than doubling last year. After leading an investment in Aston in 2020, Canadian tycoon Lawrence Stroll is attempting to revive its fortunes and push the group into electric vehicles.

The carmaker plans to integrate Lucid’s batteries and driving units into its electric models, which it intends to roll out in 2025. Alongside the transfer of technology, Lucid will take a 3.7 per cent stake in Aston and receive up to £186mn in cash and shares.