Aston Martin is not going to merge with other car companies

Aston Martin is not going to merge with other car companies

December 9, 2019 0 By autotimesnews

As part of his recent interview, the current executive director of the British brand Andy Palmer said that the automaker will not merge with other players in the market.

Last week, a report from a foreign publication Autocar indicated that Canadian billionaire Lawrence Strol might be interested in a major investment in the British automobile company Aston Martin. The British manufacturer is currently experiencing financial difficulties – recently, company officials said that brand losses in the first half of 2019 amounted to £ 80 million. It turns out that this information may be incorrect – said the executive director of the automaker Andy Palmer.

 “You know that if we really had such huge financial problems, we would most likely turn to the help of some investor, but so far there is nothing of the kind. I won’t comment on anything else, ”Mr. Palmer said in an interview with Reuters during the opening of a new plant in Wales.

Currently, the 106-year-old British company based in Gaidon is owned by several parties, including Kuwaiti Adeem / Primewagon, which owns 36 percent, Morgan InvestIndustrial owns 31 percent, while German Daimler owns 4- percentage of the company. Aston Martin plans to double its global sales by 2022 to 14,000 cars sold per year, but needs new financial assistance to help and accelerate the process, as company representatives themselves note.

 Although many companies in the industry believe that consolidation is a way to survive these days, Andy Palmer is convinced that Aston Martin does not need to belong to a larger automotive group. Meanwhile, a small share of the Daimler brand in this brand gives the British access to modern technology from the German automaker without the need for large investments in their independent study.