After Mercedes-Benz, Geely now doubles its stake in Aston Martin to 17 percent

Zhejiang Geely Holding Group (Geely Holding), the largest privately-owned automotive technology group in China, has announced today that it has increased its ownership stake in Aston Martin Lagonda Global Holdings plc (Aston Martin) to approximately 17 percent. Currently, Geely has a 9.7 percent stake in Mercedes-Benz, and the latter has a 12 percent stake in Aston Martin.

This move is part of a new relationship agreement between Geely Holding and the prestigious British luxury performance brand.

By increasing its shareholding, Geely Holding will become the third largest shareholder in Aston Martin, as disclosed by Aston Martin in a statement to the London Stock Exchange.

The increased stake in Aston Martin is an integral part of Geely Holding's strategic investment portfolio, which includes long-term equity interests in renowned global automotive brands. In addition to the increased equity, Geely Holding will have the opportunity to appoint a Non-Executive Director to the Aston Martin Board of Directors as a representative of their shareholding, as well as appointing a second person as an observer.

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.”

Lawrence Stroll, Executive Chairman of the Board 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.”

Also Read: Bred to lead in F1 and on the road - 2023 Aston Martin F1 Edition now launched in Malaysia