Shulou(Shulou.com)11/24 Report--

CTOnews.com, September 30 (Xinhua)-- Zhejiang Geely Holdings Group Co., Ltd. (hereinafter referred to as Geely Holdings), China's largest private automobile enterprise group, announced today that it has completed the acquisition of 7.60% of the shares of British ultra-luxury performance brand Aston Martin Lagunda International Holdings (hereinafter referred to as "Aston Martin").

Li Donghui, CEO of Geely holding Group, said: "We are very pleased to be officially an investor in Aston Martin. Geely Holdings has extensive experience in supporting the transformation of shareholding companies and has a deep technology accumulation in the areas of super electric and intelligent Internet connection, which will help Aston Martin achieve greater success in the future. Looking forward to exploring collaborative cooperation opportunities with Aston Martin, Aston Martin will continue to adhere to its development strategy and is committed to achieving long-term sustainable growth and improving profitability. "

Aston Martin La Gongda, based in Newport, UK, is a merger of Aston, Martin and La Gongda, and is world-famous for its production of convertible station wagons, racing cars and limited production sports cars. It was acquired by Ford in 1987 and the rest in July 1994. In 2007, Prodrive boss David Richards (David Richards) bought Aston Martin from Ford for $925 million.

Geely always gives the impression of buying everywhere, and there are numerous car brands that have been "swallowed" by Geely. According to its website, at least five brands have been acquired by Geely in its territory. More companies have bought shares, such as buying 9.69 per cent of Daimler for $9 billion (about 60 billion yuan) in 2019 and recently acquiring 79 per cent of Meizu across the border.

CTOnews.com learned that Geely Automobile Group had revenue of 58.1 billion yuan in the first half of this year, up 29% from the same period last year, and its net profit was 1.552 billion yuan, down 35% from the same period last year, the lowest level in five years. Gross profit margin was 14.6%, down 2.6%. In terms of sales, Geely, including Lectra, Polar Krypton, Geometry and Ruilan, sold a total of 614000 vehicles, down 2.6 per cent from the same period last year. Only 37% of the target of 1.65 million vehicles has been achieved.

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