LONDON -- Canadian billionaire and Formula One team owner Lawrence Stroll has formed a consortium to take control of U.K. sports-car maker Aston Martin, a British magazine reported.
Stroll has used connections he has made as owner of the Racing Point F1 team and through his son, F1 driver Lance Stroll, to form the group to take a major stake in Aston Martin, Autocar magazine reported.
Aston Martin has a goal to double its vehicles sales to 14,000 by 2023 but the company has struggled financially despite renewing its sports car range.The automaker posted a 13.5 million-pound ($17.4 million) loss before tax in the three months to the end of September.
Stroll's consortium would take advantage of Aston Martin's low stock price, Autocar said. He is betting that Aston Martin will deliver consistent profits after the company starts selling its first SUV, the DBX, next year, the magazine said. The DBX has received praise for its looks since it was revealed last month.