WATCH: Aston Martin is raising $660 million in a rights issue as major investors including Saudi Arabia's sovereign wealth fund keep faith with the struggling luxury British carmaker
The Aston Martin logo is seen on a V12 Vantage car at the company’s factory in Gaydon, Britain, March 16, 2022. REUTERS/Phil NobleThe Formula One racing team sponsor has been burning through cash and has been hit by supply chain snags. It posted a tripling of pretax half-year losses in July.The company rejected a 1.3 billion pound investment proposal that would have handed control of the business to Italian investor Investindustrial and Chinese carmaker Geely that month.
"Aston Martin's fundamentals remain shaky with or without the capital raise," said Victoria Scholar, head of investment at interactive investor, pointing to the first-half problems.Register now for FREE unlimited access to Reuters.com
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Aston Martin raising $660 million in rights issueAston Martin is raising 575.8 million pounds ($660 million) in a rights issue as major investors including Saudi Arabia's sovereign wealth fund keep faith with the struggling luxury British carmaker.
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