• Car Dealer Plus
No Result
View All Result
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
No Result
View All Result

Mercedes-Benz could eventually own one-fifth of Aston Martin as tech agreement goes to shareholder vote

John Bowman by John Bowman
December 1, 2020
0
Home News

Aston Martin shareholders are poised to give the thumbs-up to a technology deal with Mercedes-Benz that could eventually see the German brand owning one-fifth of the luxury sports car maker.

A strategic technology agreement – originally announced on October 27 – will be put to the vote at Aston Martin’s general meeting next Friday (Dec 4) after passing stock market anti-trust conditions.

The cut-off for advance voting is 9.30am on December 2, and shareholders have been sent a letter of recommendation by Aston Martin Lagonda executive chairman Lawrence Stroll.

  • Car Dealer Black Friday subscription deal – half price for life

The letter details why the board believes that the transaction is in the shareholders’ best interests.

Mercedes-Benz previously owned some five per cent of Aston Martin shares via another agreement. Its stake in the company will be gradually increased up to a maximum of 20 per cent.

Back in October, Aston Martin also said that a new business plan would see it targeting some £2bn of revenue, estimated profitability of £500m and producing about 10,000 vehicles by 2024/25.

At the time, Wolf-Dieter Kurz, head of product strategy at Mercedes-Benz Cars, said: ‘We already have a successful technology partnership in place with Aston Martin that has benefited both companies.

‘With this new expanded partnership, we will be able to provide Aston Martin with access to new cutting-edge powertrain and software technologies and components, including next-generation hybrid and electric drive systems.’

Stroll, meanwhile, hailed the agreement as ‘a transformational moment for Aston Martin’, adding: ‘It is the result of six months of enormous effort to position the company for success to capture the huge and exciting opportunity ahead of us.’

It followed a tumultuous time at Aston Martin that culminated in chief executive Andy Palmer being shown the door in May amid a collapse in its share price, as reported by Car Dealer.

Canadian billionaire Stroll took over as executive chairman the previous month.

  • Register as a Car Dealer member and get more out of the website here
  • Car Dealer Mag issue 153 is out now – Read it here
  • Join our breaking news WhatsApp group – Click here to join now
Previous Post

Hundreds of workers face the axe at car parts production site

Next Post

A third of drivers think their current car isn’t comfortable enough – despite being a top priority when purchasing

Related Posts

John Clark Motor Group sees losses deepen to nearly £2m
News

John Clark Motor Group enjoys profit rise to £12.8m despite lower turnover

January 13, 2021
Consumers confused by car finance terms, according to new research
News

Car repossessions allowed to recommence on January 31, despite FCA extending help for mortgages

January 13, 2021
Scottish government looks to phase out new petrol and diesel cars from 2032
News

Click-and-collect to be banned in Scotland from Saturday for car dealers but hope deliveries will still be allowed

January 13, 2021
Dealers to be given free advertising across eBay Motors Group in February
News

Dealers to be given free advertising across eBay Motors Group in February

January 13, 2021
New car sales to increase in 2013, suggests Trader Media
News

Renault Retail Group sells flagship London West showroom for £39m

January 13, 2021
BMW ad banned because ‘no-dazzle’ claim was misleading
News

Five people arrested after BMW dealership targeted twice by thieves in the same morning

January 13, 2021

Want to receive the latest news?

Sign up to the Car Dealer daily news briefing for the latest news and advice during these unprecedented times.

Subscribe Now
Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK
Car Dealer Top 100

Car Dealer Top 100 – The list in full of the most profitable car dealers in the UK

December 21, 2020
Used Car Awards Shortlist: Find out who made it through mystery shopping and are now in running for our gongs
News

Used Car Awards Shortlist: Find out who made it through mystery shopping and are now in running for our gongs

January 6, 2021
Investigation: Should car dealers be selling and delivering during lockdown?
News

What do we know about online used car dealer Cazoo? Who is Alex Chesterman? And will Cazoo float on the stock market?

January 5, 2021
Become a Car Dealer Plus member and get more out of this website including free legal advice
News

Become a Car Dealer Plus member and get more out of this website including free legal advice

January 5, 2021
Used car dealer Cazoo accused of online-only U-turn as it sets up physical sites and closes Imperial dealerships
News

Comment: Why Cazoo founder was naive to label this used car sales business as ‘flawed at every level’

December 1, 2020
Car Dealer Power

Car Manufacturer of the Year – Where did your manufacturer rank in Car Dealer Power 2020?

November 23, 2020
Investigation: What do car buyers want from online car sales? New research reveals customers’ likes and dislikes
Car Dealer Live

Investigation: What do car buyers want from online car sales? New research reveals customers’ likes and dislikes

November 28, 2020
Car Dealer Power

The best car dealer suppliers named in the Car Dealer Power Awards 2020

November 26, 2020
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100
  • CD Plus
Call us: 020 8125 3880

© 2020 Blackball Media

No Result
View All Result
  • Car Dealer Plus
  • Latest
  • Used Cars
  • Live
  • Forum
  • Power 2020
  • Used Car Awards
  • CDX
  • Knowledge
  • Suppliers Guide
  • About Us
  • Latest Issue
  • Top 100

© 2020 Blackball Media

Log In
Register
Register
Server C