Aston Martin has revealed that Chinese car giant Geely has more than doubled its stake to become the third largest investor in the British luxury carmaker. Aston said in a statement, according to the “Macao Business” website, that Geely will inject 234 million pounds ($ 291 million) into a new partnership, raising its stake to 17%, up from 7.6% it bought last September.
Under this deal, which aims to take advantage of the giant Chinese market, Geely becomes the third largest investor after Canadian businessman Lawrence Stroll, who is the largest shareholder, and the Public Investment Fund, which is the second largest shareholder since last year.
Aston Martin said the “significant investment from Geely” was “part of a new partnership that seeks to support the growth of Aston Martin and its vision to be the world’s most sought-after British performance and luxury brand”. The news sent its share price up 14.5% to 264.80p on London’s bull market. The carmaker, beloved by fictional British agent James Bond, has seen its shares rise by 72% since the start of this year in a remarkable turnaround.
It is worth noting that Zhejiang Geely Holding Group, commonly known as Geely, is a Chinese automobile company and the first private automobile company in the People’s Republic of China. Geely Automotive Industry is affiliated to Geely Holding Company. Headquartered in Hangzhou, Zhejiang, the company is privately owned by Chinese billionaire businessman Li Shufu.