The German Mercedes concessionaire is taking a 20% stake in the Aston Martin group, to which it has already been supplying engines since an agreement in 2018.
A new partnership strengthens the relationship between the two carmakers. The agreement extends to improved access to technology in exchange for the acquisition of a 20% stake in Aston Martin’s capital.
The British automaker, headed by former AMG boss Tobias Moers, will give Mercedes up to 20% of the capital as of August 1, 2020. The agreement also includes the appointment of one of its non-executive directors to the board of directors.
This strategic agreement was confirmed yesterday by Executive Chairman Lawrence Stroll. As a result of this combination, Aston Martin will have access to Mercedes’ full range of powertrain technology.
Aston Martin hopes that these changes will encourage the production of 10,000 cars and enable the company to reach its target of achieving a turnover of £2 billion by 2025.
Executive Chairman Lawrence Stroll commented on the agreement: “Today we are taking another major step forward as we take our long-term partnership with Mercedes-Benz AG to another level, becoming one of the company’s major shareholders. This new expanded agreement provides us with secure access to world-class technologies to support our long-term product expansion plans, including electric and hybrid powertrains, and this partnership reinforces our confidence in the future“.
Billionaire Lawrence Stroll recently helped the Aston Martin Group with its $536 million equity bailout package in January. He also confirmed the creation of a Formula 1 team for 2021.
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