Geely – owners of Volvo, Lotus, Polestar and Lynk & Co – takes a stake in Aston Martin in AML’s latest funding round.
Aston Martin wouldn’t be Aston Martin without endless financial problems and changes of direction, with the latest round of Aston Martin angst starting when Lawrence Stroll took the reins.
It did look like Stroll’s plans, and deep pockets, would secure AML’s future, and with Tobias Moers arriving from AMG to run things, there was a real positive vibe about the future.
But the turmoil at AML has continued, Tobias Moers has been ousted and AML is still scrabbling around for money to keep the game in play.
The latest move has been a £654 million funding round to move things forward (again), and that appears to have seen Mercedes’ stake in AML increase and brought in a new player – Geely.
Geely, which already owns a chunk of high-profile brands like Volvo, Lotus, LEVC and more – as well as half of Smart – had tried to throw in a £1.3 billion investment a while back, which was rejected, but in the latest money-raising round has acquired a 7.6 per cent stake in AML, for an undisclosed sum, joining investors like Mercedes, Saudi Arabia’s Public Investment Fund, Stroll’s Yew Tree and more as the latest money-raising exercise concludes.
Daniel Donghui Li, Geely Holding Group CEO said:
We are delighted to announce our investment in Aston Martin and believe that with our well-established track record and technology offerings, Geely Holding can contribute to Aston Martin’s future success.
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.