Aston Martin has appointed Geely CEO Daniel Li to its board. The Chinese automaker is its third largest shareholder.
Last May, Geely made a USD 299.4 million investment in the British automaker enabling it to acquire a 17 percent stake in Aston Martin. It purchased 42 million shares from Chairman Lawrence Stroll’s Yew Tree Consortium along with 28 million new shares.
As part of the transaction, Geely also has the right to one board seat. Aside from this Non-Executive Director, Geely can appoint a second person as an observer.
The increased shareholding in Aston Martin will form part of Geely Holding’s strategic investment portfolio, which includes long-term equity stakes in global automotive brands. It also owns multiple brands including Lotus, Zeekr, Volvo Cars, and Polestar.
Recently, Aston Martin has struggled with cash and acquired Saudi Arabia’s Public Investment Fund as a shareholder last year as Stroll looks to turn around the automaker and pivot to battery-powered sports cars. Analysts have in the past said that Aston’s lack of scale and precarious cash balance made it vulnerable.
One of the most overrated brand. Its popular because of James Bond.
ReplyDeleteMaybe soon there could be a Chinese guy to succeed Mr. James Bond.
DeleteSoon this 007 sports car will be taken and controlled by this Chinese company.
ReplyDeletePoor Aston Martin. Soon the chinese will also claim them as made in china & a chinese brand. :)
ReplyDelete