Aston Martin raises $1.7 billion from Mercedes to steer out of auto crisis

Months after catching a lifeline from its billionaire owner, Aston Martin Lagonda Global Holdings Plc is securing more sorely needed funds and forging closer ties with Daimler AG to survive tumultuous times for the auto industry.

The British carmaker is raising a total of about 1.3 billion pounds ($1.7 billion) through bond and stock offerings, most of which will be used to refinance existing debt. Daimler’s Mercedes-Benz also will help Aston Martin bring hybrid and electric vehicles to market, and in return will become a major shareholder without spending cash.

The capital raise marks the latest attempt by the carmaker