Fans of electric vehicles and James Bond alike were devastated when Aston Martin announced it would put a hold on EV production to focus on its new DBX SUV. Turns out, the British marque’s troubles are even bigger.
Aston Martin announced it will raise emergency funds to the tune of £500 million (about $660 million) to keep the company afloat, reports the BBC. The lead contributor to the bailout is Canadian billionaire Lawrence Stroll, who will be investing about $240 million.
In return, the investors will receive a 20 percent stake in Aston Martin. But Stroll himself, who is a part owner of the Formula 1 team Racing Point, will become the company’s new executive chairman and rebrand his F1 team to Aston Martin beginning in 2021.
How did the luxury marque get to this lowly state, especially as the supplier to world’s greatest spy?
“Many of its troubles can be traced to the decision to build a new factory at St Athan in South Wales, where it will produce its long-anticipated sports utility vehicle, the DBX,” writes the BBC’s Theo Leggett. But that also means if the company can weather this storm, they may see big profits in the near future, as global interest in SUVs continues to increase.
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