Chinese group Geely has boosted its shareholding in Aston Martin.
The firm – which owns and manages a number of brands including Volvo and Lotus – committed £234m to the British brand, increasing its share to circa 17 per cent while simultaneously giving it access to add a non-executive director to the Aston Martin Lagonda board.
The move means that Geely is now the third largest shareholder of the brand, behind Saudi Arabia’s Public Investment Fund and Lawrence Stroll’s Yew Tree Consortium which hold shares of circa 18 and 21 per cent respectively.
Stroll, executive chairman of the Aston Martin Lagonda 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.
“They offer us a deep understanding of the key strategic growth market that China represents, as well as the opportunity to access their range of technologies and components.”
Aston Martin is currently tipped to reveal a successor to its DB11 GT car, which is slated to be called ‘DB12’. A full unveiling is due to happen later this month.
Stroll added: “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.”