A Mercedes Benz leasing agreement has been extended until March 2021 with a 10% discount for new customers.
The agreement comes after Mercedes was unable to find a buyer for the brand after it was sold to a consortium of private equity firms in July 2016.
In December, the deal was approved by the company’s shareholders, with the proceeds earmarked for an all-expenses-paid holiday to mark the anniversary of the sale.
Mercedes Benz is the fourth-largest luxury brand in the world behind only BMW, Audi and Porsche.
The lease agreement comes just a few months after it announced that it had signed a deal to lease a factory in Mexico for five years.
Its latest acquisition, the Mercedes-Benz X5 SUV, will be produced in China, where it has a factory.
“The X5 is one of the best selling vehicles in the market, and we look forward to building a long and strong partnership with the new owner,” said Michael Müller, Mercedes’ executive vice president of production and sales.
Earlier this year, the company announced that the brand would also invest $1.4 billion in an $8 billion investment in the U.S. to build its factory in Michigan.
Despite the recent announcement, Mercedes said it was still reviewing the timing of the lease extension.