Mercedes-Benz announced on Tuesday that by 2023 it will gradually increase, up to 20%, its stake in Aston Martin, becoming one of the largest shareholders of the British luxury car manufacturer.
Daimler will speed up technical cooperation with Aston Martin, which will gain access to the next generation of Mercedes-Benz’s hybrid and electric propulsion systems, as well as other automotive components.
This transaction is part of the recovery strategy developed by Aston Martin CEO Tobias Moers, a former head of Mercedes-AMG.
After this, the German company will have the right to nominate a non-executive director to the Aston Martin Board.
In Q3 2020, Aston Martin reported pre-tax losses of 32 million euros, compared to a profit of 47 million euros in the same period in 2019.