The Aston Martin brand will be in Formula One for decades to come, team owner Lawrence Stroll said on Monday after the sportscar maker announced the sale of its stake in the Silverstone-based outfit.

Aston Martin will raise over $162 million through the sale of its stake in the F1 team and funding from its chairman, Lawrence Stroll, to counter losses and President Donald Trump's tariffs.

Luxury carmaker Aston Martin Lagonda said Monday it planned to sell its minority stake in the Aston Martin Aramco Formula One team to help turn around its loss-making core business. Mould added that offloading the stake in the Aston Martin Formula One team "screams of desperation".