Geely boosts Aston Martin shareholding

China’s largest privately-owned automotive technology group Geely Holding, which specialises in EVs, has increased its stake in Aston Martin Lagonda Global Holdings to about 17% under a new relationship agreement with the ultra-luxury British performance brand.

Geely Holding will become the third largest shareholder in Aston Martin under the terms announced by Aston Martin to the London Stock Exchange.

The increased shareholding in Aston Martin will form part of Geely Holding’s strategic investment portfolio, which includes long-term equity stakes in global automotive brands.
As part of the equity increase, Geely Holding will also be able to appoint a non-executive director to the Aston Martin board of directors as a shareholder representative, as well as to appoint a second person as an observer.

“Our decision to increase our shareholding in Aston Martin reflects our confidence in the company’s growth prospects, its technologies and its management team,” says Geely Holding Group chairman Eric Li.

“Since first acquiring our minority holding last September, we have worked collaboratively with executive chairman Lawrence Stroll and his colleagues and now look forward to exploring joint technology synergies and new growth opportunities to help this iconic automotive brand to achieve its full potential.”

Stroll says the announcement is a further significant step towards delivering Aston Martin’s ambition.

“Geely can offer us a deep understanding of the key strategic growth market of China as well as the opportunity to access their range of technologies.”