As things get dire in the auto industry across the global, consolidation of companies looks like it could be the next step.

China's Geely is in talks with Aston Martin, as the EV maker considers partnering what FT calls some "much needed cash" into the luxury automaker.

Geely is in the midst of due diligence and is looking to potentially take an equity stake or begin a "technology partnership" with Aston Martin. Geely already owns 10% of Daimler, which already sells some technology and engine to Aston Martin.

Geely also owns Britain's Lotus and Sweden's Volvo.

Aston is struggling financially and trying to raise money after its share price has collapsed more than 70% since becoming a public company in 2018. It issued an "unexpected profit warning" this week, stating that it “remains in discussions with potential strategic investors, which may or may not involve an equity investment into the company”.

It also said it planned on drawing $100 million in high interest debt, which is in addition to $150 million in debt it raised in September.

There are also other suitors for Aston Martin. Formula 1 Billionaire Lawrence Stroll is considering making an investment of about £200m of an equity issue and result in him controlling 19.9% of the company. He could then increase his stake by buying from other Aston shareholders or in the open market.

Stroll also has links to Daimler, which owns Mercedes-Benz and has the right to turn away fresh investments in Aston from other carmakers. Daimler also has a deal to sell engines and technology to Aston. Stroll uses Mercedes engines in his F1 racing team and while Aston has a F1 partnership with Red Bull, the contract is up for renewal at the end of 2020.

As of now, it's unclear whether Aston Martin will go with Stroll or Geely. But one thing is for sure: the company needs cash.