Cars
Aston Martin Posts First Profit in Eight Years
- Company is eyeing a valuation of as much as 5 billion pounds
- Mercedes Benz-owner already holds 5 percent stake in carmaker
Aston Martin Holdings Ltd. is looking for a “big brother” partner in order to survive as a low-volume, luxury carmaker, even after it posted its first profit in eight years and prepares for a potential initial public offering.
The manufacturer famous for making film spy James Bond’s favorite car could use a combination of capital raised from an IPO and a tie-up with a bigger player to ensure it stays on top of the autonomous driving curve that’s pushing carmakers to invest billions in the technology, according to Chief Executive Officer Andy Palmer.