Insatiable Geely! Above With its Zhejiang Geely Holding Group, the Chinese manufacturer has a 7.6% stake in the luxury manufacturer Aston Martin. After Volvo, Mercedes-Benz, Lotus, Proton and maybe Renault, the group confirms that it is not lacking in ambition.
The Geely Group announces that it has taken over a turnout of 7.6 % at Aston Martin. The size of the operation has not been disclosed, but according to several analysts it is around 70 million euros in terms of the luxury manufacturer’s valuation.
Geely can fit into the electrification process of the car
“We are examining all possibilities to support Aston Martin in the implementation of its strategy for long-term and sustainable growth improve its profitability »explained Daniel Donghui LiManaging Director of Zhejiang Geely. Geely will contribute its electrical know-how For Aston Martin, this sports brand, like the others, has to switch to this new type of drive.
Aston Martin in search of stability
Geely joins a fairly fragmented holding that brings together Saudi fund PIF (16.7%), a consortium-led consortium Canadian businessman Lawrence Stroll (18.3%) or Mercedes-Benz (9.7%). The brand is still looking for stability after several shareholder changes and still significant losses in the first half of 2022 (£290m despite sales up 9%). Lawrence Stroll wants to reassure, however, praising the fundamentals of the brand and the success of its Sport range (orders already taken for 2023) and its new DBX SUV.
>> READ ALSO: Meanwhile, Geely is playing on two fronts, thermal and electric
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