As part of its commitment to expand its automobile industry, China’s largest private automobile company, Zhejiang Geely Holding Group, has revealed today that it has completed the acquisition of British ultra-luxury performance brand Aspen, Aston Martin Lagonda International Holdings.
The automobile giant said it has acquired a 7.60% stake from the British ultra-luxury brand to support the transformation of companies and intelligent networking, which will help it achieve greater success in the future.
Geely Acquisition Records
Geely always conveys the appearance of purchasing and buying everywhere and has absorbed numerous automobile manufacturers. According to its official website, Geely has at least 5 brands in its pockets in its area.
More businesses have made stock investments. For instance, they just purchased a 79% interest in Meizu over the border and spent US$9 billion to buy a 9.69% share in Daimler in 2019.
Geely’s Revenue So Far
Geely Automobile Group’s sales in the first half of this year were 58.1 billion, up 29% year over year; however, its net profit attributable to the parent was 1.552 billion yuan, down 35% year over year, the lowest level in 5 years; and its gross profit margin was 14.6%, down 2.6 percentage points.
The company sold 614,000 vehicles in total, a modest 2.6% drop from the previous year, including Lynk & Co, Jikr, Geometry, and Ruilan. Only 37% of the desired number of 1.65 million automobiles remain.
Geely CEO’s Take
Speaking on the new acquisition, Li Donghui, CEO of Geely Holding Group, said the 7.60% stake tends to support the transformation of companies and intelligent networking, which will help Aston Martin achieve greater success in the future.
In his words: “We are very pleased to officially become an investor in Aston Martin. Geely Holding has extensive experience in supporting the transformation of companies in which it has invested, and has deep technical accumulation in the fields of super electric and intelligent networking, which will help Aston Martin achieve greater success in the future. Looking forward to discussing synergy opportunities with Aston Martin, Aston Martin will continue to adhere to its development strategy and strive to achieve long-term sustainable growth and improve profitability.”
About Aston Martin
Aston Martin Lagunda is located in Newport, England. It was formed by the merger of Aston, Martin, and Lagunda. It is renowned for producing limited edition sports cars, racing cars, and convertible station wagons.
Ford of the United States bought it in 1987 for 75% of the shares; then in July 1994, it bought the remaining shares. For $925 million, Prodrive’s CEO David Richards acquired it from Ford in 2007. Follow Techgenyz for more updates.
