Geely Holding Group has announced that it has increased its stakes in Aston Martin Lagonda Holdings (Aston Martin) to 17%. That increase in holding makes the Chinese company the third-largest shareholder of the ultra-luxury British performance car brand.
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 given the opportunity 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.
Back in September 2022, the Chinese company acquired 7.6% of Aston Martin Lagonda. Now its stakes have more than doubled to 17%, which also makes it the number 3 shareholder of the ultra-luxury brand.
Geely Holding Group Chairman, Eric Li said, “Our decision to increase our shareholding in Aston Martin reflects our confidence in the company’s growth prospects, its technologies and its management team. 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.”
RELATED: Next-gen Aston Martin DB grand tourer to debut on May 24 – “Grand is not enough”
Aston Martin Executive Chairman of the Board, Lawrence Stroll said, “This announcement is a further significant step towards delivering our ambition for Aston Martin. Geely Holding, who initially became a shareholder last year, sees tremendous potential for Aston Martin’s long-term growth and success.”
“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. Geely share our vision for Aston Martin and want to be a more significant shareholder. This transaction enables the creation of a long-term partnership with Geely – a relationship that I believe will bring very significant value for all of our shareholders over time.”
RELATED: Aston Martin DBX 707 AMR23 Edition debuts – F1 medical car replica