China's Geely in talks to take stake in Aston Martin: FT

Aston Martin DBX

It's rumoured that Stroll is willing to put up £200m as part of a capital increase by Aston Martin, primarily to fund production of the imminent DBX and reduce the company's debt burden.

A report said the owner of Racing Point Formula One team Lawrence Stroll is also in talks with the vehicle British company, but it could not be confirmed.

Geely, which owns Britain's Lotus and Sweden's Volvo as well as a stake in Daimler, is one of several groups in discussions about investing in the business. This bit of financial turmoil has also affected the company's shares, falling by 16 percent.

"We remain in discussion with potential strategic investors in relation to building longer term relationships which may or may not involve an equity investment", Aston Martin said in a statement.

Both parties have links to Daimler, the German owner of Mercedes-Benz that holds 5% of Aston and has the power to block any fresh investments in the company from another carmaker.


In what's described as a "final effort" according to Automotive News, Aston is seeking investment from Lawrence Stroll - the Canadian owner of Racing Point Formula 1 team. Geely and Daimler run the Smart city auto brand as a joint venture out of China.

Following the bitter news from 2019, chief executive officer Andy Palmer has confirmed that Aston Martin will seek debt funding as soon as possible in order to turn things around.

Geely and Mr Stroll declined to comment.

A spokesman for Geely Europe declined to comment.

Related:

Comments

Latest news

Gwyneth Paltrow Releases Vagina Scented Candle - Yes, You Read That Correctly
Gwyneth Paltrow has shocked fans with the latest release via her Goop lifestyle brand - a candle that smells like her vagina. But you can put yourself on the waitlist if you're really curious as to how Gwyneth Paltrow's vagina smells like.

Serena donates ASB Classic winnings to wildfire victims
The Australian Open begins on 20 January, with Williams bidding to equal Margaret Court's record of 24 Grand Slam singles titles. Williams' title drought included losses in the finals of four Grand Slam tournaments.

A.J. Hinch: 'I failed to stop' Astros' cheating
Sometimes the information was communicated via text message to a staffer wearing a smart watch on the bench or a nearby phone. Takeaway: It means Cora had an outsized role in the most notable scandal originally reported by The Athletic in November .

Model Gigi Hadid shows up for jury duty in Weinstein rape trial
Since 2017, more than 80 women, including many famous actresses, have accused him of sexual misconduct dating back decades. The panel ruled against a plaintiff who claimed he was seriously scalded in the shower by a blast of hot water.

Barcelona sack Valverde, Quique Setien announced as new head coach
An announcement was expected all day, but a delay in finalising the termination of Valverde's contract temporarily held things up. He will also have to do without Luis Suarez, who will be missing for the next four months after having surgery on his right knee.

Other news