LONDON: Saudi Arabia’s Public Investment Fund is reportedly in talks with Aston Martin over acquiring what the Financial Times newspaper said would be a $243.5 million stake in the luxury carmaker.
The British manufacturer refused to confirm or deny the reports but following the news on Thursday, a fall in the company’s share price was reduced to nine percent from a 20 percent drop earlier in the day.
Since its initial public offering in 2018, the carmaker — whose vehicles frequently appear in James Bond movies — has struggled, with the share price falling by nearly 68 percent this year alone.
In January, Aston Martin blamed lower-than-expected profits on delays in shipments of its limited edition Valkyrie sports car, but the company said on Thursday that production of the model has started to pick up pace.
In a further effort to reassure investors, it added that its management team, led by new boss Amedeo Felisa, is increasingly focusing on the launch of new models beginning in 2023.
Citing four sources said to be close to the PIF investment talks, the FT said Aston Martin is seeking to raise additional funding for its new range of cars. Autocar magazine reported that the manufacturer is also in talks with a US-based investment fund as it looks to raise capital.
