Daimler to take Aston Martin stake
25 Jul 2013
Car giant Daimler is to take a stake in Aston Martin after the Warwickshire luxury car maker signed an intention to enter a technical partnership with Mercedes. Daimler, which is the parent company of Mercedes, will receive up to 5 per cent equity in Aston Martin following the agreement.
Mercedes will supply Aston Martin with engines, while Mercedes-Benz Cars will provide the Gaydon-headquartered sports car manufacturer with components for its future models. Ola Källenius, head of Mercedes-AMG, said: "We are proud to work with Aston Martin and provide them with powertrain and e/e components for their forthcoming sports cars. This is proof of AMG's technological and performance expertise and a real win-win situation for both sides."
Both parties have the intention to work towards signing definitive agreements during the second half of the year. Ian Minards, Aston Martin product development director, added: "We have selected AMG specifically as the basis for this powertrain development process. Aston Martin sources cutting-edge technology from key suppliers around the globe and the opportunity to include content from Mercedes-AMG in our next generation sports cars is, clearly, good news."
Earlier this year, Aston Martin secured investment from the Invest Industrial partnership. The deal, with the Italian private equity firm taking a 37.5 per cent stake in the luxury car maker, brings £150m of investment in the form of a capital increase. It was designed to underpin a significant new product development programme of more than £500m planned over the next five years.