AP

China’s Geely buys 7.6% stake in Aston Martin Lagonda

Sep 30, 2022, 3:26 AM | Updated: 3:56 am

BEIJING (AP) — Geely Holding Group, one of China’s biggest independent automakers, has bought a 7.6% stake in British luxury brand Aston Martin Lagonda and said Friday it looks forward to potential opportunities to collaborate.

Geely declined to give details, but Aston Martin Lagonda announced Friday it raised 654 million pounds ($730 million) from investors including Geely and the Saudi government to pay down debt and “accelerate its long-term growth.”

Geely owns the Geely Auto, LYNK & Co. and Geometry brands, Volvo Cars and EV brand Polestar of Sweden, Britain’s Lotus and 9.7% of Mercedes parent Daimler AG.

“We look forward to exploring potential opportunities to engage and collaborate with Aston Martin,” Geely CEO Daniel Donghui Li said in a statement.

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China’s Geely buys 7.6% stake in Aston Martin Lagonda