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An Aston Martin DB 10 in the production of the James Bond film "Specter" (2014)
Photo: STEFAN WERMUTH / REUTERS
Daimler gets deeper into the ailing British luxury car manufacturer Aston Martin Lagonda.
The Stuttgart car company is increasing its share from the current 2.6 percent to a maximum of 20 percent, announced Daimler's car subsidiary Mercedes-Benz and Aston Martin on Tuesday.
Mercedes-Benz will give the British access to new technologies.
In the next three years, the Stuttgart-based company will receive new shares to be issued by Aston Martin in several steps 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 spring by a consortium led by Canadian billionaire and Formula 1 magnate Lawrence Stroll with a cash injection.
Then Stroll brought the ex-boss of the Mercedes-Tuning subsidiary AMG, Tobias Moers, to the British as CEO.
Stroll also relies on top German personnel in motorsport: In the coming year, the four-time Formula 1 world champion Sebastian Vettel will drive for the new Aston Martin racing team.
97 percent price loss in two years
Aston Martin is in deep crisis.
The British, known among other things for cars from James Bond films, have been suffering from sales problems for some time - and have high hopes for their first SUV called the DBX.
The company had invested a lot of money in developing 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 went rapidly downhill.
In the end, the paper cost just under 55 pence.
Because money is still tight, the company is tapping into the capital market again.
New shares at 50 pence each will be issued for £ 125 million.
In addition, Aston Martin has raised more than 1.1 billion pounds of debt, some of which will be used to service debts that are due.
The maneuver raised the freely available funds to over £ 500 million, it said.
Big losses, proud plans
Aston Martin's latest numbers are weak.
Between July and the end of September, sales of 124 million pounds were around half that of the previous year.
The loss before interest, taxes, depreciation and special items was £ 29 million - after an operating profit of £ 43 million a year ago.
The management's plans are all the more ambitious.
By the year 2025, sales are expected to increase: to two billion pounds.
Then the company should generate an operating profit of around 500 million pounds.
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clh / dpa-AFX / Reuters