Geely, the owner of Volvo and Polestar, has announced that it has increased its stake in the iconic British luxury automaker Aston Martin. The Chinese carmaker which had initially acquired a 7.6 per cent stake in Aston Martin back in 2022 has now expanded its holdings to 17 percent. Geely, said that the increased stake in the brand was part of its strategic investment portfolio and will allow the carmaker to appoint a non-executive director to Aston’s board.
“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,” said Lawrence Stroll, Executive Chairman of the Board, Aston Martin.
“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,” said Eric Li, Geely Holding Group Chairman.
Geely has gone big on electric vehicle development not just in China but also in global markets. Aston Martin meanwhile is looking to start its electrification push in the coming years with its first model coming in 2026 and going completely electrified by 2030. The increased holding could offer the British carmaker a means to access technology from Geely.
Written by Aaryan Sonsurkar
