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German auto giant Daimler has announced plans to ramp up its partnership with Aston Martin and take a stake of up to 20% in the struggling British luxury carmaker.
German auto giant Daimler announced on Tuesday that it was stepping up its technical cooperation with Aston Martin that could see the Stuttgart-based firm take a stake of up to 20% in the British carmaker.
The deal gives Aston Martin access to Mercedes-Benz's next-generation hybrid and electric powertrains, as well as other vehicle components and systems.
The deal forms part of a turnaround strategy drawn up by Aston Martin CEO Tobias Moers, formerly the head of Mercedes-AMG, Mercedes-Benz's performance sports car unit.
Daimler said it will increase its stake in Aston Martin gradually over the next three years. The company said it would not look to own more than 20% of the British firm, which is based in Gaydon, central England.
The two companies first joined forces in 2013, when Daimler took a 5% stake and worked with the British brand on engine development.
Aston Martin reported a pre-tax loss of £29 million (€32 million, $37.7 million) for the third quarter of this year, compared with a profit of £43 million (€47 million) over the same period last year.
jf/sri (AFP, Reuters)