£234m investment confirmed as Chinese firm becomes third largest shareholder 🤝
with European brands like Lotus and Volvo has yielded a tremendous rate of progress. While it is impossible to grade the firm's influence behind the scenes, there are surely many less desirable investors than China’s most prominent automotive group.
The new deal includes a Relationship Agreement, which means Geely has the right to appoint a Non-Executive Director to the board. Once complete, Geely will assume ownership of around 17 per cent of company shares, behind only the Saudi Public Investment Fund and the Yew Tree Consortium . Those majorities ought to remain in place for a little while at least - part of Geely’s arrangement says it cannot acquire any shares that will take its holdings beyond 22 per cent until next August .
Geely Chairman Eric Li said:"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 achieve its full potential.
Stroll, alluding to potential future utilisation of Geely's extensive EV expertise, noted:"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.
Though it’s too early to speculate how exactly Aston will exploit that additional value, the template laid down elsewhere has established Geely's reputation for being a constructive presence. Polestar has plotted an impressive route to EV success since its launch, and its design-led attitude is redolent of the way Gaydon often approaches new ventures. We're due to see Aston's first electric car next year, but it obviously requires plenty of investment for what lies beyond.
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