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Tuesday, November 29, 2022

China Geely Group acquires 7.6% stake in Aston Martin

China Geely Holding Group announced on the 2nd that it has successfully acquiredUK7.6% stake in luxury sports car maker Aston Martin. Today, the Geely Group owns Volvo (78.4%), Lotus (51%), Renault Korea and Renaultsamsung(34.02%), Smart (50%), Mercedes-Benz (9.69%) and Aston Martin (7.6%) and other non-Chinese automakers.

Li Donghui, CEO of Jelly Holding Group, said in the official announcement: We are pleased to announce thatinvest, and believe that with our strong track record and technological products, Geely Holding can contribute to Aston Martin’s future success. We look forward to exploring potential opportunities to engage and collaborate with Aston Martin as we continue to execute on its strategy to achieve long-term, sustainable growth and improved profitability.

Actually, this is not the first time that the Chinese company has shown interest in Aston Martin. In early 2020, there were reports of a possible deal, but at the time, current chairman Lawrence Stroll bought a 16.7% stake in Aston Martin for a total of £182 million (about US$205.44 million).

Geely currently holds a 7.6% stake in Aston Martin, which is expected to help the British luxury sports car factory drive the electrification transformation. However, Geely’s stake lags even behind Chairman Lawrence Stroll (18.3%), Saudi Arabia’s Public Investment Fund PIF (16.7%) and Daimler (9.7%).

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