Chinese automaker BYD is preparing to buy Aston Martin at a valuation of 37 billion yuan ($5.7 billion) and help the British luxury car brand achieve full electrification, mydrivers.com quoted rumors as saying.

Aston Martin has only just turned a profit, while BYD's market capitalization has exceeded RMB 600 billion ($9.27 billion), so BYD does have the strength to acquire it, the report noted.

As a top British sports car manufacturer, Aston Martin has been in a financial crisis in recent years due to poor sales and other factors and has even been rumored to be acquired.

Previously Mercedes-Benz had signed a strategic cooperation agreement with Aston Martin and will provide Aston Martin with new Mercedes-Benz technology and car parts, including the next generation of hybrid and electric drive system.

In other words, if the rumors of BYD acquiring Aston Martin come true, BYD will also indirectly get the technology from Aston Martin in the future.

But so far, the authenticity of the rumor remains in doubt, the report said, adding that BYD insiders responded that they had not heard of the matter.

Aston Martin plans to officially launch its first all-electric model in 2026, which will be based on Mercedes-Benz's large all-electric vehicle platform, the EVA platform.

(Source: Aston Martin)