Geely doubles stake in Warwickshire motor manufacturer Aston Martin
Chinese automotive group Geely has doubled its stake in British luxury car manufacturer Aston Martin, the Gaydon-based company announced yesterday (Thursday).
As part of its £234 million investment, Geely will acquire a 17 percent stake in Aston Martin.
Read more: Chinese carmaker Geely takes eight per cent stake in Aston Martin
"Geely Holding, who initially became a shareholder last year, sees tremendous potential for Aston Martin's long-term growth and success," said Aston Martin chairman Lawrence Stroll.
"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."
Read more: Supply chain issues see Aston Martin shares drop
"Our decision to increase our shareholding in Aston Martin reflects our confidence in the company's growth prospects, its technologies and its management team," said Geely Chairman Eric Li.
Although Geely is unlikely to become a household name in the UK anytime soon it owns well-known automotive brands Lotus, Volvo Cars, and Polestar, via a joint venture with Volvo.
