Geely’s parent company, Zhejiang Geely Holding Group (Geely Holding) adds another feather to its cap by acquiring 7.6 percent of Aston Martin Lagonda Global Holdings (Aston Martin).
This is the latest acquisition of China’s largest privately-owned automotive technology group. Geely currently owns Volvo Cars, Polestar, Lynk & Co, Proton, and Lotus. They also own significant shares in the Volvo Group, the Swedish truck and construction company and the former parent company of Volvo Cars (8.2 percent) as well as Daimler AG, the parent company of Mercedes-Benz (9.7 percent).
Daniel Donghui Li, Geely Holding Group CEO said: “We are delighted to announce our investment in Aston Martin and believe that with our well-established track record and technology offerings, 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 it continues to execute its strategy to achieve long term, sustainable growth and increased profitability.”
Geely’s inclusion as a shareholder in Aston Martin Lagonda comes three months after Saudi Arabia’s Public Investment Fund (PIF) took a 16.7 percent stake in the automaker. The investment by PIF has made the sovereign wealth fund the second-largest shareholder in the company after Lawrence Stroll’s Yew Tree Consortium, which holds an 18.3 percent stake. Mercedes-Benz also has a 9.7 percent stake in Aston Martin.
It was not disclosed how much representation Geely will have in terms of board seats.
Aston Martin is like the Taylor Swift of the automotive industry
ReplyDeleteAston Geely 007
DeleteGeely haters seems quiet it seems.
ReplyDeleteAfter buying volvo, then acquired shares in mercedes, aston martin, lynk and co, london taxi, proton, lotus, etc.
Theres a reason to be quiet at times...