Saudi Arabia’s Public Investment Fund is in talks with Aston Martin about taking a stake in the business, as the luxury carmaker seeks to raise additional finances for its next range of cars, according to four people.
The PIF, which already has holdings in Lucid Motors and McLaren, is in talks to take fresh equity in the business that could be worth £200mn, the people said.
Talks are at an early stage, they added. Aston is facing the challenge of funding its next generation of sports cars, and its first push into electric vehicles, at a time when the business is saddled with debt and producing no net cash.
The company does not expect to begin generating cash until 2023, and one of Aston’s first priorities is to start paying down some of its high-interest debt.
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