LONDON — Aston Martin has called a board meeting in which it may decide between two potential investors for an emergency fundraising, the Financial Times reported.
China’s Geely Automobile Holdings and Canadian billionaire Lawrence Stroll are each offering to invest around 200 million pounds ($263 million) in return for for a 20 percent stake and a place on the board, the paper said.
Aston Martin is looking at what the rival bidders will bring to the UK automaker, the FT said.
Geely wants a technical partnership with its other brands such as UK niche sports-car maker Lotus, while Stroll is interested in the Formula One possibilities of an Aston relationship, sources told the paper.
Aston could make an announcement as soon as Friday, the FT said.
Aston Martin’s share price has plummeted since the company was floated in October 2018.
The UK automaker is launching its first SUV, the DBX, but it has come late to the lucrative market which has boosted rivals such as Porsche.
A spokesman for Aston Martin declined to comment, referring to remarks made this month that it is holding discussions with potential strategic investors “which may or may not involve any equity investment into the company.”
Reports this month said that Geely and Stoll were separately in talks with Aston about taking a stake.
Automakers of all sizes are using alliances, partnerships, mergers and equity stakes to share the cost and challenge of meeting new emissions regulations, electrifying model ranges and competing on new technologies such as autonomous driving.
Automotive News Europe contributed ot this report