One of Britain’s most famous car brands could soon be 20 per cent German.
Aston Martin and Mercedes-Benz this morning signed a new technology agreement that could see the three-pointed star acquire one-fifth of Aston – becoming one of the biggest stakeholders in the process.
Lawrence Stroll and his investment consortium currently holds a 25 per cent stake.
Under the agreement, Aston Martin will get access to the latest electric and plug-in hybrid technology from Mercedes-Benz.
“Today, we take another major step forward as our long-term partnership with Mercedes-Benz AG moves to another level with them becoming one of the Company’s largest shareholders,” said Lawrence Stroll, Aston Martin chairman, in a statement.
“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 plans to grow its sales to 10,000 per year by 2025, up from the 5825 vehicles it sold in 2019.
It overnight announced a long-term plan to increase revenues to £2 billion ($5.5 billion) and secure earnings of £500 million ($9.16 million).
Change has been the only constant at Aston Martin in 2020. Existing chairman Andy Palmer was outed in favour of Lawrence Stroll in April, before ex-AMG boss Tobias Moers was appointed CEO in May.
Mercedes-AMG F1 boss Toto Wolff also invested in Aston Martin in May, pouring fuel on the fire of rumours about Aston Martin taking over the wildly successful Mercedes-Benz operation in Formula 1.
When it enters Formula 1 in 2021, Aston Martin will be a rebranded iteration of the current Racing Point team, itself an evolution of the now-defunct Force India team.