Aston Martin to receive third cash injection

United Kingdom
Published:  08 December, 2020
DBS Superleggera

Shareholders of the British luxury car manufacturer are said to have approved £125 million (US$165.75 million) in new capital in a bid to help turnaround the loss-making business.

Aston Martin’s new capital injection will be the third this year. Mercedes-Benz is also to increase its stake in the British company up to 20% by 2023. Allegedly, the German car maker would obtain shares in exchange for expanding an existing supply deal, giving Aston Martin access to key Mercedes’ technology such as hybrid and electric drive systems. It did not involve any cash from the German automaker.

Earlier this year, Canadian billionaire Lawrence Stroll injected £182 million (US$235.2 million) in the listed British company, before adding another £36 million (US$43.7 million) due to “increased uncertainties”. Read more here.

Source: Reuters