Aston Martin and Mercedes-Benz have formally launched their new technical partnership, having first signed a letter of intent in July.

The principle benefit of the deal for Aston Martin is access to AMG's technical resources, allowing it to develop a bespoke range of V8 engines to power its next-generation models.

In return, Daimler will receive five per cent of the non-voting shares in Aston Martin and an observer status on the company's board of directors.

In a statement today, the two companies said they plan to expand the agreement to cover sharing electronic components, and "will investigate additional areas of operation" in the future.

One area of expansion already discussed involves the two companies sharing vehicle platforms. Speaking to Autocar earlier this year, Aston Martin boss Ulrich Bez said the deal could work in the same way as VW Group's operations, which has allowed Porsche to use the Volkswagen Touareg platform to create the Cayenne.

Such a move could also lead to the revival of Aston Martin'sLagonda SUV concept. The Lagonda was first seen at the Geneva motor show in 2009, but was moved to the back burner because a suitable vehicle platform could not be found. Bez has already confirmed that work has resumed on the full-size SUV, which could be seen as early as 2017.

A statement from Aston Martin read: "Our company is this year celebrating its centenary, and the partnership agreed today underpins prospects for Aston Martin’s bright, vibrant and dynamic second century in the sports car business.”

“This strategic collaboration for Aston Martin will, in our next generation of luxury sports cars, offer our customers increased performance and efficiency whilst retaining the unique character and style of an Aston Martin.”

Mercedes boss Tobias Moers said the agreement was "a real win-win" situation for both companies.