The British brand has raised over € 740 million from various investors including the Chinese and the Saudi sovereign wealth fund Pif
New market hit from Geely. The Chinese auto group bought a 7.6% stake in the British luxury brand Aston Martin, saying it looks to potential future collaboration opportunities. Geely declined to provide further details, but Aston Martin announced on Friday that it has raised £ 654 million (around € 743 million) from investors including Geely and the Saudi government, to repay its past debt and “accelerate its growth. long-term”.
from volvo to lotus
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Geely owns Geely Auto, the Lynk & Co. and Geometry brands, but also Volvo Cars and the Swedish brand Polestar, the British Lotus and 9.7% of Daimler AG, parent company of Mercedes and half of Smart. “We look forward to exploring potential opportunities to engage and partner with Aston Martin,” Geely CEO Daniel Donghui Li said in a statement.
saudi and mercedes fund
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The £ 654 million raised by Aston Martin through a share issue will be used to reduce its debt and invest in its growth. Yew Tree Consortium, a group of investors led by chairman of the board Lawrence Stroll, now owns 19% of the builder’s capital. Stroll welcomed the acquisition of a stake by the Saudi sovereign Public Investment Fund (Pif), now the second largest shareholder, with 18.7%. The Canadian billionaire also thanked Mercedes-Benz “for the investment and the solid partnership established” and the Chinese automaker Geely.
losses quadrupled
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At the end of July, Aston Martin had quadrupled losses in one year in the first half, with costs soaring and logistical problems due to the crisis in the global supply chain. Lawrence Stroll, who had saved the manufacturer from bankruptcy in early 2020, wants to push the brand further into luxury by initiating the move to electrification. The carmaker announced in May the departure of CEO Tobias Moers, replaced by former CEO of Ferrari, Amedeo Felisa.
September 30, 2022 – 4:01 pm
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