Mercedes ups its stake in Aston Martin
Mercedes-Benz is to increase its equity stake in Aston Martin to 20 percent in a deal that will see the British sports car maker gain access to German technology. With former AMG boss Tobia Moers recently taking over at Aston Martin, the move is hardly a surprise and paves the way for electric and hybrid powertrains for future models.
Lawrence Stroll, Aston Martin’s executive chairman, confirmed, “Through this new expanded agreement, we secure access to world-class technologies to support our long-term product expansion plans, including electric and hybrid powertrains and this partnership underpins our confidence in the future.”
Aston Martin has also brought in additional investment from Zelon Holdings and Permian Investment Partners and has some ambitious growth goals. By 2024/25 the company aims to be building 10,000 cars a year and turning over £2 billion ($2.6 billion). So far in 2020 the company has delivered just 2752 cars for an operating loss of £229 million ($298 million).
Moers said, “Today’s expansion of our partnership with Mercedes-Benz AG is a critical step towards achieving our goals for Aston Martin. The capabilities of Mercedes-Benz AG technology will be fundamental to ensure our future products remain competitive and will allow us to invest efficiently in the areas that truly differentiate our products.”
The first fruit of this new expanded partnership, outside of Formula 1, is likely to be a hybrid version of the DBX crossover, making use of Mercedes EQ technology. The entire front-engined sports car lineup is also set to be revamped and a second crossover introduced as part of the plan.