Daimler, Aston Martin Ink Engine Development Deal
BERLIN (AP) — Daimler AG and British sports car maker Aston Martin Lagonda Ltd have signed a deal that will see the two companies develop engines together and the German company get a stake in Aston Martin.
The companies said Thursday that Aston Martin and Daimler subsidiary Mercedes-AMG will develop V8 engines for a new generation of Aston Martin cars.
Daimler will get a nonvoting stake of up to 5 percent in Aston Martin in several steps as the two companies' partnership progresses. It will receive observer status on the Aston Martin board.
The companies say they're working to conclude a further agreement on supplying electronic components and will look into other areas where they can cooperate.