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Aston Martin ‘reviews funding options’ amid reports of Saudi investment talks

Aston Martin ‘reviews funding options’ amid reports of Saudi investment talks
The luxury car manufacturer saw shares slide again on Thursday due to the speculation.

Aston Martin has said it is keeping “funding options under review” after reports Saudi Arabia’s investment arm is in talks to buy a stake in the business.

The luxury car manufacturer saw shares slide again on Thursday due to the speculation.

On Wednesday, Autocar reported that the business is seeking to raise new equity in order to shore up its finances and provide cash for investment.

The Financial Times later reported that Saudi Arabia’s Public Investment Fund (PIF), which backed the takeover of Newcastle United last year, is in discussions over an investment which could be worth up to £200 million.

In response, Aston Martin said: “The company regularly keeps its funding options under review.

“Any funding option, if explored and executed, would be to support and accelerate the company’s future growth.”

The company added that it is continuing to trade in line with expectations and held firm on guidance for the financial year.

Aston Martin told shareholders its order books are currently “robust” and have “strengthened further in recent months”.

It said its sports cars have sold out into 2023 and order intake for its DBX cars are more than 40% ahead of the previous year.

“The company is delighted with the customer and market reaction to new model derivatives and its recently enhanced management team are increasingly focussed on new model launches from 2023 onwards,” it added.

The consideration of a stake sale comes only four months after chairman and backer Lawrence Stroll publicly said it did not need external investment.

“Let me be crystal clear, black and white: we do not need money,” he said February.

Shares in Aston Martin were down 8.6% at 439.1p on Thursday afternoon.