: Lucid stock bounces off record low after Aston Martin agrees to pay $232 million as part of supply agreement

Shares of Lucid Group Inc. LCID surged 7.3% in premarket trading Monday, a day after closing at a record low, after the electric vehicle maker and battery pack maker disclosed an agreement with Aston Martin Lagonda Global Holdings PLC ARGGYUK:AML in which Lucid will supply Aston Martin with powertrain and battery system technology. Under terms of the agreement, Aston Martin will pay a $232 million technology access fee to Lucid, including $100 million in shares of Aston Martin and $132 million in cash over a three-year period. Lucid’s stock, which had sank 17.0% amid a five-day losing streak to Friday’s record-low close of $5.47, has tumbled 33.2% over the past three months, while the S&P 500 SPX has gained 9.5%.

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