NEW YORK - Ford Motor Co. said Monday it was retaining a minor stake in British sports car brand Aston Martin while stressing its own desire to become a leaner mass-market carmaker.
In a statement, Ford confirmed it was selling the iconic marque for 479 million pounds (925 million dollars) to British investors, while keeping "a 40 million pound (77 million dollar) investment in Aston Martin."
"The sale of Aston Martin supports the key objectives of the company, to restructure to operate profitably at lower volumes and changed model mix and to speed the development of new products," Ford chief executive Alan Mulally said.
"From Aston Martin`s point of view, the sale will provide access to additional capital, which will allow Aston Martin to continue the growth it has experienced under Ford`s stewardship," he added.
"Today`s announcement is good for Ford Motor Company, good for Aston Martin and good for the UK. We wish Aston Martin every possible success for the future."
Ford said it was offloading the luxury brand immortalized by British fictional spy James Bond to a consortium comprising Dave Richards, John Sinders, Investment Dar and Adeem Investment Co.
The sale is expected to close during the second quarter of this year, added the struggling US auto giant, which is undergoing a painful restructuring in a bid to stem steep losses.