Shortly after it emerged that Chinese giant Geely was weighing up an investment in Aston Martin, it’s been revealed that the British automaker is also having discussions with Canadian billionaire Lawrence Stroll, Bloomberg reports.
It’s been some months since Stroll was first reported to be interested in purchasing a stake in Aston Martin but on the back of a recent profit warning issued by the car manufacturer, it’s understood that discussions between the parties have stepped up. The Canadian investor, who owns the Racing Point Formula One team, could reportedly inject $260 million into the brand.
“We remain in discussion with potential strategic investors in relation to building longer term relationships which may or may not involve an equity investment,” Aston Martin said in an email issued over the weekend.
If Stroll goes ahead with his investment in Aston Martin, he may seek a seat on the company’s board of directors, one person close to the matter claims.
The profit warning issued by Aston Martin last week revealed it’s predicting adjusted profits of between £130 million ($170.46 million) and £140 million ($183.58 million), almost half of the £247 million ($323.39 million) it made the previous year. Among the factors at play for declining profits are a fall in the average sales price of its vehicles, a 7 per cent decline in wholesale volumes, and higher marketing costs.
Regardless of whether Aston Martin is able to attract new investors, the company’s future arguably lies on the success of the DBX, its first-ever SUV. The company recently announced that it has received 1,800 orders for the DBX and will start deliveries this year.