Geely Holdings increases its stake in Aston Martin to 17%, making it the third largest shareholder

Thanks to CTOnews.com netizens for the delivery of clues from Rain and Snow and Mr. Aviation! CTOnews.com May 18, Zhejiang Geely Holdings Group Co., Ltd. (hereinafter referred to as "Geely Holdings") announced today that it has further reached a new cooperation agreement with British ultra-luxury performance brand Aston Martin Lagunda International Holdings (hereinafter referred to as "Aston Martin"). As part of the partnership, Geely Holdings has completed the increase of its stake in Aston Martin, which is about 17%.

Geely Holdings will become the third largest shareholder in the luxury performance car brand, according to a notice issued by Aston Martin on the London Stock Exchange.

Geely Holdings said that increasing its stake in Aston Martin is an important part of Geely Holdings's global strategic layout and investment. After the increase, Geely Holdings will have the right to appoint a non-executive director to the board of directors of Aston Martin and will also have an observer seat on the board.

Li Shufu, chairman of Geely holding Group, said: "the increase in Aston Martin's stake reflects our confidence in its growth prospects, technical strength and management team." Since the first acquisition of a minority stake in Aston Martin in September last year, we have been working honestly with Executive Chairman Mr. Lawrence Stoll and his team to explore technological synergies and new growth opportunities. The two sides will strengthen cooperation to give full play to the outstanding potential of this legendary ultra-luxury performance brand and help it achieve long-term sustainable growth. "

As previously reported by CTOnews.com, Aston Martin will sell only electric or hybrid cars from 2026, when internal combustion engine products will be phased out.