Geely has taken a 7.6 per cent stake in British sportscar manufacturer Aston Martin.
The move comes as the Chinese manufacturer’s owner, Li Shufu, aims to expand the company’s portfolio of automotive brands which already includes Volvo, Lotus and a stake in Daimler.
According to Automotive News Europe, the transaction price of the investment is valued at £7.55 GBP ($15,011,964 NZD) based on Aston Martin’s closing share price on September 28, 2022.
“We look forward to exploring potential opportunities to engage and collaborate with Aston Martin as it continues to execute its strategy to achieve long term, sustainable growth and increased profitability,” said Donghui Li, Chief Executive Officer of Geely Group.
After Geely took control of Lotus five years ago, the brand added a division called Lotus Technologies. Geely intends to share this facility with Aston Martin. Lotus is also looking to the future by producing a number of electric vehicles like the Evija and its upcoming SUV.
Although Aston Martin has struggled financially many times in the past, the new investment holds out hope for the luxury marque.