Aston Martin wants to be among the "top teams" in Formula 1.
Recently, as the British luxury carmaker struggled with financial problems, it was bailed out by a group led by Racing Point owner Lawrence Stroll.
As a result, Aston Martin said it would stop being Red Bull's title sponsor after 2020 and instead become Racing Point's new identity from 2021.
"There's no immediate impact on our current campaign and we will continue to compete as Racing Point until the rebrand takes place at the start of the 2021 season," team boss Otmar Szafnauer said.
The Silverstone-based team started life as Jordan, but was subsequently also known as Midland, Spyker and Force India.
"The team has been in business, under various names, for 30 years and is more than ready to become a manufacturer team," said Szafnauer.
"Lawrence spoke to the staff last week and set out the clear objective to establish Aston Martin as one of the top teams in the sport.
"It's exciting to transition into a manufacturer team and we've got the best part of a year to make all those changes - much of which will be happening behind the scenes."
