Interest more than doubled
Chinese giant Geely has more than doubled its stake in Aston Martin. Where the company bought 7.6 percent of Aston Martins shares in one go last year, it now owns 17 percent of the shares of the British exotics builder.
Geely is getting bigger and bigger. We already knew the Chinese name from Polestar, Volvo, Smart, Lotus and Lynk & Co, and last year it suddenly also bought a 7.6 percent stake in Aston Martin. That interest is now more than doubled, because Geely is buying another almost 10 percent of Aston Martin’s shares. The Chinese group now owns 17 percent of the British brand, after buying shares for about €270 million. This means that Geely has almost as much say over the British as Mercedes-Benz, which owns 20 percent of Aston Martin’s shares. The two can, however, divide control; together they have a 50/50 interest in Smart.
Geely is not yet revealing anything about its intentions with Aston Martin, but the money from the Chinese giant is probably very welcome with the British. In addition, Geely has a lot of know-how when it comes to electric car architecture and powertrains, which Aston Martin can certainly use in its electrification battle. In any case, a healthy future for the classic British brand seems a bit more likely due to the partial takeover.
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– Thanks for information from Autoweek.nl