The parent company of Volvo, Lotus, and Polestar has increased its stake in Aston Martin, as the British supercar brand looks to increase its presence in China.
In recent days, Geely – the parent company of brands including Volvo, Lotus, Polestar, and Smart – announced it has increased its stake in British supercar company Aston Martin.
Geely – China’s largest privately-owned automotive group – now owns a 17 per cent stake in Aston Martin, making it the third-largest shareholder of the company.
The news comes less than a year after Geely first invested in Aston Martin, with its original 7.6 per cent stake being announced in September 2022.
Along with acting as parent company for more than a dozen automotive brands, Geely is also one of the largest single shareholders in the Mercedes-Benz Group through its founder Li Shufu.
“Our decision to increase our shareholding in Aston Martin reflects our confidence in the company’s growth prospects, its technologies and its management team,” Geely Chairman Eric Li said in a media statement.
“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.”
MORE: China now world’s largest exporter of new cars
While Lawrence Stroll’s Yew Tree Corporation is believed to remain the largest shareholder, it’s believed Geely is the third-largest shareholder behind the Saudi Arabia Investment Fund.
“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,” Aston Martin Chairman Lawrence Stroll said in a media statement.
Meanwhile, Ferrari’s largest single shareholder is Exor – the holding company of Italy’s Agnelli family – which owns 24 per cent, while also owning a 14.4 per cent share in Stellantis, the parent company of Alfa Romeo, Fiat, Chrysler, Dodge, Ram, and others. Piero Ferrari, son of Enzo Ferrari, retains a 10.2 per cent stake in Ferrari.
Lamborghini is owned by the Volkswagen Group through its subsidiary, Audi.
The post Chinese automotive giant increases ownership in Aston Martin appeared first on Drive.