Aston Martin, Lucid Gain After Saudi-Backed EV Supply Pact (2)

Aston Martin Lagonda Global Holdings Plc is tying up with Lucid Group Inc. on electric vehicle technology, uniting the storied British carmaker and relative automotive newcomer each backed by Saudi Arabia’s sovereign wealth fund. Shares in both companies jumped.

Aston Martin will pay $232 million in shares and cash to Lucid in exchange for battery-electric powertrain components, the companies said Monday. The UK manufacturer also extended a years-long cooperation with Mercedes-Benz Group AG, though it will no longer issue more stock to the German carmaker that already owns a roughly 9% stake.

Lucid agreed not to provide “commercial ...