(CNN) - Red Bull Racing, one of F1's most successful teams, has announced that it will race as Aston Martin Red Bull Racing in 2018 -- deepening existing ties with the luxury sports car manufacturer.
Aston Martin and Red Bull joined forces in 2016, launching an "innovation partnership" which helped create Aston Martin's "Valkyrie hypercar."
Production on the 1,130 horsepower hybrid car which has been part designed by Red Bull's chief technical officer, Adrian Newey, is expected to go into production next year before being released in 2019 at a rumored cost of around $3 million.
"Having conceived and created the remarkably successful Aston Martin Valkyrie together in 2016, we extended our relationship this year and are now delighted to further strengthen the partnership and see the team competing as Aston Martin Red Bull Racing from 2018," Red Bull Racing team principal Christian Horner said in a statement.
The strengthening of the partnership will see the creation of an "Advanced Performance Center" which will employ over 100 Aston Martin's design and engineering staff at Red Bull Racing's base in Milton Keynes, UK.
Andy Palmer, president and CEO of Aston Martin said the luxury car brand had been helped by the association with Red Bull so far and that furthering the relationship was the next logical move.
"Title partnership is the next logical step for our Innovation Partnership with Red Bull Racing, Palmer said in a statement.
"We are enjoying the global brand awareness that a revitalized Formula One provides. The power unit discussions (in Formula One) are of interest to us, but only if the circumstances are right."
Earlier this month, Palmer told Sky F1 that Aston Martin were open to becoming an F1 engine supplier when new (as yet, unspecified) regulations are introduced for the 2021 season.
Aston Martin, perhaps most famous for featuring in the James Bond movie franchise, has partnered Red Bull since March 2016 -- its famous wings logo adorning both the 2016 and 2017 championship cars -- the RB12 and the RB13.
Red Bull drivers Daniel Ricciardo and Max Verstappen also drove Aston Martin cars as they towed caravans riotously around the Red Bull Ring in Austria earlier this year.
The footage of the pair was shared widely on social media.
Red Bull is a four-time back-to-back winner (2010-2013) of the F1 constructors' championship and its drivers have won 53 grands prix since it joined the grid in 2005.
The team is currently third in the 2017 constructors' title race with Ricciardo and Verstappen lying fourth and sixth respectively in the drivers' championship.
The Malaysian Grand Prix, round 15/20 of the 2017 world championship, takes place on Sunday October 3.