Stake in luxury car firm
Mercedes raises stake in struggling Aston Martin
Aston Martin: will gain access to electric technology
Mercedes-Benz is raising its stake in Aston Martin Lagonda as part the British marque’s recovery plan.
Aston Martin said the deal, announced after the London stock market closed, was a “strategic technology agreement”.
Mercedes will increase its holding “in stages” from 5% to 20% and provide Aston Martin with access to its electric car technology.
The British firm has been struggling since a stock market flotation and parted company with its chief executive earlier this year.
The changes follow Formula One team owner Lawrence Stroll taking a majority stake.
Mercedes first took a stake in Aston Martin in 2013 which saw them work on engine development.
Aston Martin, popularly known as James Bond’s favourite car company, has plans to grow sales to about 10,000 by 2025, up from 5,862 vehicles sold last year.
The company also said on Tuesday that it had a long-term strategy to increase its revenues to £2bn and attain earnings of about £500m in five years’ time.