By LIU Jiaxin

Chinese automaker Geely Holdings is to invest ￡234 million (US$291, 2 billion yuan) in Aston Martin, acquiring 42 million existing shares and subscribing to 28 million new shares, raising its stake to 17 percent.

Intelligent connections

With this, Geely will become the third-largest shareholder in the luxury car maker. British venture capitalist YewTree Investment Group remains the largest shareholder with a 21-percent stake. Geely may now appoint a non-executive director to the Aston Martin board.

Aston Martin is aiming for full electrification by 2030, with plans to launch plug-in hybrid Valhalla in 2024, and its first all-electric model in 2025.

Geely's investment supports the transformation with expertise in super-electric and intelligent connected vehicles.

Ambition, expertise, opportunity

In February, Geely launched a new high-end series, the Geely Galaxy. The first in the range, the Galaxy L7 is a long-range plug-in hybrid SUV.?A fully-electric concept model, the Galaxy Light, has the look of a Porsche Cayenne.

Geely plans seven new EVs within the next two years, four long-range hybrids including the L7 SUV and L6 sedan, which begin deliveries in the second and third quarters. The E range will consist of at least three more pure-electric vehicles. The Galaxy E8 is scheduled for delivery in Q4.

Geely also controls Zeekr, the premium electric vehicle brand, with plans to expand into Europe this year.

Supercars in the slow lane

In the Chinese market, Aston Martin offers four models, the Vantage, DB11, DBS, and DBX. Sales of the supercars tripled in 2021, but insurance data showed only 774 vehicles insured, ranking fifth among ultra-luxury brands.

Aston Martin's 2022 revenue increased 26 percent to ￡1.4 billion, driven by higher vehicle prices. Wholesale volume for 2023 is expected to be around 7,000 vehicles.