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Geely Holding announces stake increase in Aston Martin

Gabriella From Gasgoo| May 18 , 2023 16:51 BJT

Beijing (Gasgoo)- On May 18, Geely Holding Group announced that it has further strengthened its partnership with British luxury performance carmaker Aston Martin Lagonda Global Holdings (referred to as "Aston Martin"). As part of the collaboration, Geely Holding has increased its shareholding in Aston Martin to roughly 17%.

Geely Holding announces stake increase in Aston Martin

Photo credit: Aston Martin

According to a disclosure by Aston Martin on the London Stock Exchange, Geely Holding will become the third-largest shareholder in the luxury performance vehicle brand.

Geely Holding stated that the stake increase in Aston Martin is an important component of its global strategic layout and investment. Following the share increase, Geely Holding will have the right to appoint a non-executive director to Aston Martin's board and also hold an observer seat on the board.

In late September last year, Geely announced the completion of the acquisition of a 7.60% stake in Aston Martin Lagonda Global Holdings, and the latest move represents an additional 10% stake, surpassing Mercedes-Benz to become the company's third-largest shareholder.

Li Shufu, Chairman of Geely Holding, said that the stake increase in Aston Martin reflects the company’s confidence in the British brand’s growth prospects, technological strength, and management team. Since acquiring a minority stake in Aston Martin in September last year, Geely has been working closely with Aston Martin’s Executive Chairman Lawrence Stroll and his team, exploring technological synergies and new growth opportunities. Both parties will enhance cooperation and fully unleash the exceptional potential of this legendary luxury performance brand, contributing to its long-term sustainable growth.

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