After months of speculation, Daimler AG and Aston Martin Lagonda Ltd. have officially entered into a technical partnership for the development of a new V8 engine that will see service in the next generation of Aston Martins.

It's a deal that's been a long time coming for Aston, which has continued to use engines from its days under the Ford umbrella. The V8 currently in the Vantage was co-developed with Jaguar, while the current V12 is essentially two fused Ford 3-liter V6s. Both engines have been in service for about a decade.

Right now, there's no indication that these new engine will appear in any Mercedes product. So what do the Germans get out of this? Mercedes gets up to five percent of non-voting shares in Aston Martin and observer status on the Aston Martin board.

From the sidelines, this looks like a great deal for both parties. Aston shores up its future by receiving engine development assistance from a company with vast resources, and Mercedes gets a bigger global footprint. There's also a good chance that this is only the beginning of this relationship. Don't be surprised if Aston taps AMG for the development of the next generation V12, as well.

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