Aston Martin has signed a deal with American car giant Ford to supply the company with engines for the next five years.
Despite interest from Mercedes-Benz, the US company will provide the Midlands car manufacturer with V8 and V12 engines made in Ford’s Cologne factory.
The James Bond car maker received a £150m investment last year when Italian private equity firm Investindustrial bought a 37.5% stake in the company.
The sports car maker remains controlled by Investment Dar, a Kuwaiti finance house, who last week used their stake in the British company as collateral as part of a restructuring deal to creditors.
Aston Martin are also understood to be close to finding a replacement for chief executive Ulrich Benz who has held the position for 13 years.