Geely Takes 7.6 Percent Stake in Aston Martin
Li Shufu, founder of Zhejiang Geely Holding Group, is quite the collector. He just acquired another “collectible,” taking a 7.6% stake in British luxury sports car maker Aston Martin. No numbers were offered, but the stake is valued at nearly $8.5 billion. Geely Chairman Li Shufu added another company to his holdings, buying a 7.6% stake in Aston Martin. Collector may be bit of an overstatement, but it’s the second auto brand Geely’s invested in this year and continues a trend of investments by what is China’s largest privately held auto company. “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,” said Daniel Donghui Li, Zhejiang Geely’s chief executive officer, in a statement. Second time’s the charm The move shouldn’t be a tremendous surprise. Geely’s founder reportedly nosed around Aston in January 2020. The Britis...