Aston Martin jump on reports of talks with China's Geely

Daniel Fowler
January 14, 2020

China's Geely Automobile Holding 0175.HK is in talks with Aston Martin management and investors about taking a stake in the luxury carmaker, according to a source close to the discussions and a report by the Financial Times, sparking a sharp jump in the British company's share price.

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.

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.

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The company said last month it was in talks with potential investors, and this week showed the depth of its financial troubles by reporting a severe decline in profit in its first full year as a listed company. Daimler also has a deal to sell engines and technology to Aston. The 2021 regulation changes coupled with the existing infrastructure of Racing Point would save a considerable amount of money when compared to starting a team from the ground and would be an extremely attractive proposition. If not renewed, it opens the door for a motorsport collaboration with Racing Point.

Aston is hoping to base its recovery on the DBX, a sport utility vehicle that will be built at a new facility in Saint Athan, Wales.

A spokesman for Aston declined to comment on whether the company is in talks with Geely, and reiterated a statement from Tuesday.

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