Aston Martin agrees deal to make electric vehicles with US firm Lucid

An employee polishes the bodywork of an Aston Martin DB11 at the carmaker’s plant in Gaydon, Warwickshire. Photograph: Bloomberg/Getty Images

Aston Martin has struck a deal with the US firm Lucid to start making “ultra-luxury high-performance electric vehicles” from 2025.

The British luxury carmaker, whose losses more than doubled last year to almost £500m, has struck a cash and shares deal valued at £182m in which Lucid will take a 3.7% stake in London-listed Aston Martin.