Geely buys 7.6-percent stake in Aston Martin

MANILA: According to a Reuters story, Chinese automaker Geely recently acquired a 7.6% share in British luxury carmaker Aston Martin but did not disclose the deal's value.

The shareholding is worth US $74 million according to Aston Martin's closing share price on September 29, according to the article. 

As per Aston Martin's regulatory filing, Li Shufu, the founder and chairman of Zhejiang Geely, purchased the auto marque, making his company one of the largest shareholders in the British automaker.

Under the Geely umbrella are Lotus, Polestar, and Volvo, among others.  

"We look forward to exploring potential opportunities to engage and collaborate with Aston Martin as it continues to execute its strategy to achieve long term, sustainable growth and increased profitability," Daniel Donghui Li, Zhejiang Geely's Chief Executive Officer, was quoted as saying in the report.

Separately, Aston Martin declared the closing of a 654 million pound capital raising.

Geespace, a division of Geely Technology Group and the first privately held low-orbit commercial satellite developer, operator, and mass producer in China, successfully launched its first nine satellites into low Earth orbit from the Xichang Satellite Launch Center in China a few months ago.

The GeeSAT-1 satellites are China's first scalable, high-resilience, high-performance, mass-produced low-orbit satellites. They will provide centimeter-level precise location and connectivity support for utilization by car brands in the Geely Holding group, facilitating true, safe autonomous driving by connecting vehicles with vehicles and infrastructure with vehicles.

Photos from Geely, Aston Martin

Also read: Geely PH sets monthly sales record of 1,058 units in July