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Daimler goes deeper into struggling British automaker Aston Martin Lagonda. The Stuttgart auto company is increasing its share from the current 2.6 percent to a high of 20 percent, Daimler automotive subsidiaries Mercedes-Benz and Aston Martin announced Tuesday. Mercedes-Benz will give the British access to new technologies.
Over the next three years, the Stuttgart-based company will receive new shares to be issued in Aston Martin in stages up to a total value of 286 million British pounds (315 million euros). Aston Martin will receive next-generation hybrid and electric powertrains as well as other vehicle components and systems.
Aston Martin was rescued in the spring by a consortium led by Canadian billionaire and Formula 1 tycoon Lawrence Stroll with a cash injection. Then Stroll brought the former head of the Mercedes-Tuning AMG subsidiary, Tobias Moers, to the British as CEO.
Even in motorsport, Stroll relies on top-notch German personnel: next year, four-time Formula 1 world champion Sebastian Vettel will drive for the new Aston Martin racing team.
97% price loss in two years
Aston Martin is in deep crisis. The British, who are known for James Bond movie cars among other things, have long suffered from sales problems and have high hopes for their first SUV called the DBX.
The company had invested a lot of money in the development of the car and production is now in full swing.
Aston Martin went public in October 2018 for 1900 pence per share at the time. Soon the course quickly went downhill. In the end, the card cost just under 55p.
As money is still limited, the company is once again tapping into the capital market. New shares at 50 pence each will be issued for £ 125 million.
Additionally, Aston Martin has raised more than 1.1 billion pounds of debt to pay off some of its debts. The move brought freely available funds to over £ 500 million, he said.
Big losses, proud projects
Aston Martin’s latest numbers are weak. Between July and the end of September, sales of £ 124 million were around half of the previous year’s. Loss before interest, taxes, depreciation and special items was £ 29 million, following an operating profit of £ 43 million a year ago.
The management’s plans are all the more ambitious. By 2025, sales are expected to increase: to two billion pounds. So the company is expected to generate an operating profit of around £ 500 million.
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