Geely increases stake in Aston Martin Lagonda to 17%

Geely increases stake in Aston Martin Lagonda to 17%

After acquiring a 7.6% stake in Aston Martin Lagonda last September, Zhejiang Geely Holding Group (Geely Holding) today announced it has increased its shareholding in the British carmaker to 17% as part of a new relationship agreement. The Chinese company spent 234 million British pounds (around RM1.3 billion) to boost its share, according to the London Stock Exchange.

With this deal, Geely Holding is now the third largest shareholder in Aston Martin Lagonda behind Lawrence Stroll and Saudi Arabia’s Public Investment Fund. Geely Holding now has a bigger stake than Mercedes-Benz, which currently owns a 12%, although the German carmaker plans to increase this to as much as 20% by the end of 2023.

Following the new agreement, Geely will not be allowed to increase its share until August 2024, but it can now appoint a non-executive director as a shareholder representive as well as a second person as an observer.

Geely increases stake in Aston Martin Lagonda to 17%

“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 (2022), 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,” said Eric Li, chairman of Geely Holding.

“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,” commented Lawrence Stroll, executive chairman of the board at Aston Martin Lagonda.

“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 shares our vision for Aston Martin and wants 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,” he added.

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Gerard Lye

Originating from the corporate world with a background in finance and economics, Gerard’s strong love for cars led him to take the plunge into the automotive media industry. It was only then did he realise that there are more things to a car than just horsepower count.

 

Comments

  • Celup King on May 18, 2023 at 5:24 pm

    Basher sez: Habeslah England dah jual to China! Wakakaka!

    Like or Dislike: Thumb up 6 Thumb down 3
    • pravda on May 18, 2023 at 8:24 pm

      Do not worry, comrade. Zhongguo Gongchandang will eventually liberate the industry workers from this fish & chips imperialist.

      Like or Dislike: Thumb up 0 Thumb down 0
  • Pocoyo on May 18, 2023 at 6:22 pm

    Geli knew their products are incompetent and nothing unique so they want Aston Martin and Daimler just to show china has alot of money

    Like or Dislike: Thumb up 11 Thumb down 16
    • FudgeMeSideways on May 18, 2023 at 7:59 pm

      ^ How to show people you’re stupid without actually telling them.

      Like or Dislike: Thumb up 12 Thumb down 2
    • A Proud Wumao on May 18, 2023 at 10:11 pm

      Get your head out of bikini ! take a look at malaysia SEA Games

      Never better NOW or EVER

      Rakyat malap Negara Bunga Rayu

      Like or Dislike: Thumb up 2 Thumb down 3
  • Mahathir AL Rajoo on May 19, 2023 at 9:20 am

    Growing bigger. Time to buy eely shares.

    Like or Dislike: Thumb up 1 Thumb down 0
  • nasib baik ada Geely on May 19, 2023 at 11:58 am

    if takda Geely, proton would be debt ridden and gone.
    oh wait….

    Like or Dislike: Thumb up 0 Thumb down 0
  • Sohai on May 20, 2023 at 5:36 pm

    Soon, you will see Geely rebadged as Aston Martin

    Like or Dislike: Thumb up 0 Thumb down 0
 

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