Geely announced that it has increased its stake in Aston Martin to 17 percent after investing 234 million pounds (around Php 16 billion at current exchange rates) into the British car brand. This follows Geely’s initial acquisition of a 7.6 stake in Aston Martin back in 2022.
Geely's stake in Aston Martin rises from 7.6 percent to 17 percent
With the said acquisition of more Aston Martin shares, Geely becomes the third largest shareholder in the British luxury car brand. The largest shareholder meanwhile is Lawrence Stroll, the current Executive Chairman of the Board for Aston Martin, and father of Aston Martin Aramco Cognizant F1 Team driver Lance Stroll. The Saudi Arabian Public Investment Fund (PIF) is the second largest shareholder.
According to Geely Holding Group Chairman Eric Li, Geely will then include the British marque in exploring joint technology ventures, as well as establishing new opportunities for growth. Li further stated that they are working closely with Aston Martin for the “iconic automotive brand to achieve its full potential.”
Stroll in turn said that Geely’s larger stake in Aston Martin represents a “further significant step towards delivering our ambition” for the British car brand. He further stated that Geely can also offer ideas on how to grow the British car brand’s market share in the Chinese market.
The larger stake then allows Geely the chance to appoint a non-executive director to Aston Martin’s Board of Directors. A second position will then be appointed as an observer.
The DBX707. One of Aston Martin's latest models
Aston Martin in turn, immediately felt net gains from the new relationship with Geely. According to Reuters, the brand enjoyed a 25 percent jump in share value this week.
As a side note, remember that Geely also owns a number of other car brands as well. This includes British sports car maker Lotus, Volvo Cars, Polestar, and electric vehicle specialist Zeekr.
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Geely Philippines currently offers three models in the local market this 2023. The Geely Emgrand sedan is the cheapest model with a starting price of Php 753,000 for the entry-level S MT, while the most expensive Geely in the Philippines is the Geely Azkarra with a maximum price of Php 1,765,000 for the flagship Luxury 1.5 DCT. There are two crossovers in the Philippine lineup consisting of the Geely Coolray and Geely Azkarra, as well as one MPV which is the Geely Okavango.
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