Aston Martin is reportedly on the hunt for significant new investments as it continues to battle through financial issues.
It is understood that the British car manufacturer has £1.2 billion ($1.46 billion) of outstanding bonds, bank drafts, and loans keeping it afloat and that it is looking to bring a new investor into the mix. Autocar suggests that Aston Martin may be willing to offer a seat on its board for an investment that could be worth as much as £200 million ($242 million).
Aston Martin is said to be considering two possible investors. The first could be through a Saudi Arabian investment fund that the carmaker’s executive chairman, Lawrence Stroll, has ties to. An investment fund from the U.S. west coast is also an option.
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The car manufacturer is not commenting on the reports but it is possible that the investment could cover both Aston Martin’s road car operations and its motorsport business. Aston Martin has battled financial issues for much of its existence and declared bankruptcy seven times since it was founded in 1913.
In May, Aston Martin chief executive Tobias Moers resigned to make way for ex-Ferrari CEO Amedeo Felisa. Dozens of senior employees left Aston Martin under Moers’ leadership and it is hoped that Felisa will be able to lead the company through an increasingly competitive period in the automotive industry.
Key to Aston Martin’s future is its ‘Racing Green’ strategy which will see its entire core range become electrified by 2030. On the immediate agenda is to begin deliveries of the Valhalla plug-in hybrid supercar in early 2024 and follow it up with an all-electric model in 2025. The brand has also committed to achieving net-zero emissions across its manufacturing facilities by 2030, and by 2039 wants to reach net-zero emissions across its entire supply chain.