Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
BERLIN (AP) - Daimler AG and British sports car maker Aston Martin Lagonda Ltd have signed a deal that will see the two companies develop engines together and the German company get a stake in Aston Martin.
The companies said Thursday that Aston Martin and Daimler subsidiary Mercedes-AMG will develop V8 engines for a new generation of Aston Martin cars.
Daimler will get a nonvoting stake of up to 5 percent in Aston Martin in several steps as the two companies' partnership progresses. It will receive observer status on the Aston Martin board.
The companies say they're working to conclude a further agreement on supplying electronic components and will look into other areas where they can cooperate.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)