Aston Martin (AML.L) is undergoing some ownership changes as Canadian billionaire Lawrence Stoll has reportedly infused nearly $263 million into the automaker. Stroll now has a 20% stake in the company.

As part of the company overhaul, the luxury automaker will halt all investments in electric vehicles as it looks to stabilize its business and cut costs at the same time, Cnet reported. The EV cutbacks will be in effect “beyond 2025,” the news outlet said.

For Stroll, ownership in Aston Martin brings “ experiences and access to his Formula 1 team,” Chief Executive Andy Palmer told Reuters. “We’ve talked a lot in the past few years about wanting to be clearly rooted in luxury and obviously Mr Stroll knows an awful lot about luxury.”

Aston Martin is shifting efforts as it looks to build its first SUV with the DBX model. The luxury automaker has filed for bankruptcy seven times over the course of its 107-year history.

Stroll comes to Aston Martin after investing in fashion brands such as Tommy Hilfiger and Michael Kors. He will take over the position as executive chairman of the board of directors at Aston Martin, replacing Penny Hughes, who will step down from her role.

Shares of Aston Martin stock were up 23.86% at market close on Friday.

Aston Martin
The logo of Aston Martin is seen on a car displayed at the Aston Martin stand during the press days of the Paris Motor Show, Oct. 3, 2018. ERIC PIERMONT/AFP/Getty Images
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