The automaker confirmed in a statement that Mercedes-Benz will increase its stake in Aston Martin from 2.6% to 20% in the next three years.
In exchange, Aston Martin will receive Mercedes-Benz technology and components, including next-generation hybrid and electric powertrains.
The fictional British Secret Service agent James Bond’s favorite rider, Aston Martin, was in trouble even before the coronavirus pandemic swept the car industry.
Before Formula One billionaire Lawrence Stroll (Lawrence Stroll) rescued in January, the company struggled with weak demand for certain models and a global slowdown in cars.
A group led by the Canadian billionaire bought a 16.7% stake in the company for 182 million pounds (236 million US dollars). Then, Aston Martin raised an additional £318 million ($412 million) by issuing new shares.
Aston Martin said on Tuesday that it had an operating loss of 229 million pounds ($297 million) in the first nine months of this year. By 2020, the value of this stock has shrunk by two-thirds.
Morse said the partnership with Mercedes-Benz will be crucial.
He said in a statement that the German brand’s technology “will be the foundation to ensure that our future products remain competitive and allow us to invest effectively.”