Germany's Mercedes-Benz is to raise its stake in Aston Martin Lagonda as part of the UK carmaker's recovery plan - BBC reports.
According to BBC, Aston Martin, which has haemorrhaged cash since a disastrous stock market flotation, said Mercedes will increase its holding over time from 5% to 20%. Mercedes first teamed up with Aston Martin in 2013, taking a 5% stake in a deal that saw the two companies work on engine development.
According to BBC, Aston Martin, popularly known as James Bond's favourite car company, has plans to grow sales to about 10,000 by 2025, up from 5,862 vehicles sold last year. The first stage of the investment deal will see Mercedes increase its stake to 11.8% as part of a £140m share issue - BBC reports.
Separately on Tuesday, Aston Martin posted a £29m pre-tax loss for the third quarter, down from a £43m profit in the same period last year.
