Aston Martin is a luxury brand best known for its affiliation with James Bond. The fictional spy famously drives Aston Martins tricked out with all manner of spy gadgetry from ejection seats to machine guns to caltrops. That hasn’t been enough to balance the books, so a Canadian billionaire has come to the rescue.
Lawrence Stroll has agreed to purchase up to 20 percent of the company and rename his Formula One team after the brand. According to Reuters, Stroll is paying roughly $240 million for his stake in Aston Martin.
Aston Martin stuck by its luxury cars even as SUVs became the car of choice for many buyers. This didn’t help its efforts to boost sales over the last few years. It has since developed the DBX SUV set to arrive for the 2021 model year, which should help its bottom line.
In addition to much needed cash, Aston Martin also gets access to Stroll’s Forumla One team. The current Racing Point team will become the Aston Martin F1 works team for at least the next 10 years beginning with the 2021 season.
What won’t be happening is an investment in electric vehicles. Aston martin had planned to allocate funds to developing this technology for its vehicles, but those plans are shelved until at least 2025. It’s all part of a necessary effort to cut costs.
Aston Martin CEO Andy Palmer is expected to retain his position with Stroll joining the company’s board of directors. He’ll replace Penny Hughes, who is stepping down as executive chairman.