Geely can buy Aston Martin

Geely can buy Aston Martin

January 11, 2020 0 By autotimesnews

Aston Martin is currently negotiating with potential investors in connection with an alarming drop in profits, and, obviously, one of these investors is the Chinese Geely.

According to the Financial Times, Geely is interested in acquiring a stake in the British automaker and is already in contact with Aston executives and investors. Aston Martin recently announced that their profit for 2019 is expected to be nearly half of the profit made a year earlier, mainly due to the weak European market.

The British automaker expects the new DBX SUV to help the company get back on track. Aston Martin said it has already received 1,800 orders, which is “significantly better” than any other previous models. The world’s first Aston Martin SUV, the DBX, was introduced at the end of 2019.

In a previous interview, Aston CEO Andy Palmer said he was confident that the DBX would not only attract new customers to the brand, but would easily become Aston’s best-selling brand of all time. Palmer expects Aston to sell between 4,000 and 5,000 DBX samples annually.

Aston Martin also saw that its stock prices had dropped significantly, and now the stock is worth around £ 4.50 ($ 5.90) ​​and gives the company a market capitalization of just over £ 1 billion ($ 1.31 billion) ) The British automaker entered the stock market at the end of 2018 at a price of £ 19 ($ 25) and a value of £ 4.3 billion ($ 5.64 billion).

Chinese Geely owns companies such as Volvo, Polestar, Lync & Co Lotus, London EV Company, and is currently the largest shareholder of Daimler with a 9.69 share in the German automaker.