Daimler will acquire a 5 percent non-voting stake in Aston Martin to complete an agreement disclosed in July 2013, according to a report by the Financial Times. Under the agreement, Aston Martin will collaborate with Daimler's Mercedes-AMG GmbH division to develop a new generation of bespoke V8 engines for its vehicles. The agreement will allow Aston Martin to spread the cost of developing new vehicles.
The British company remains the only global luxury carmaker not having direct ties to a larger carmaker. While its luxury rivals like Bentley and Rolls-Royce are backed financially and technologically by their parents – Volkswagen and BMW respectively – Aston Martin have no one to turn to, thus making it hard for the carmaker to easily find funding for the development of a range of new vehicles.
Daimler announced in July that Mercedes-AMG and Mercedes-Benz units will supply engines and electronic components, respectively to Aston Martin. Aston Martin has been struggling to post gains since 2008 and even posted a 9-percent drop in profit as well as a 10-percent dive in sales in 2012.
Tobias Moers, Chairman of the Management Board of Mercedes-AMG GmbH: “By signing the Umbrella Agreement and the Engine Agreement both parties have agreed to this technical partnership: Mercedes-AMG will provide the British icon Aston Martin with engines for their forthcoming sports cars. At our company´s headquarters in Affalterbach we are proud to work with Aston Martin – this agreement is a real win-win situation for both sides.”
A spokesperson for the Aston Martin board said: “Our company is this year celebrating its centenary, and the partnership agreed today underpins prospects for Aston Martin’s bright, vibrant and dynamic second century in the sports car business. This strategic collaboration for Aston Martin will, in our next generation of luxury sports cars, offer our customers increased performance and state-of-the-art features whilst retaining the unique character and style of an Aston Martin.” [source: Daimler]