The CEO of Geely, Daniel Li, has been appointed to the board of Aston Martin in an official capacity, marking a significant development in their partnership. Geely, a prominent Chinese automaker, has become the third largest shareholder of Aston Martin. This alignment stems from Geely’s substantial investment of 234 million pounds ($299.4 million) in the British carmaker. This investment granted Geely the right to occupy a board seat within Aston Martin.

The investment deal involved Geely acquiring a substantial 17 percent stake in Aston Martin. This acquisition was achieved through the purchase of 42 million shares from Chairman and world’s poorest billionaire Lawrence Stroll’s Yew Tree consortium, in addition to 28 million newly issued shares. Geely’s involvement with Aston Martin dates back to September of the previous year when they secured a 7.6 percent stake.

Aston Martin’s financial challenges have been evident, prompting strategic measures for its revival. In the pursuit of transforming the automaker and steering it towards electric sports cars, Aston Martin enlisted Saudi Arabia’s Public Investment Fund as a shareholder last year. This move followed a recognition of Aston’s vulnerability due to its limited scale and delicate cash position.

Currently, Aston Martin’s most significant shareholder is Stroll’s Yew Tree consortium, followed by Saudi Arabia’s Public Investment Fund. Geely’s diverse automotive portfolio includes well-known brands such as Lotus, Zeekr, Volvo Cars, and Polestar. Many of these brands are held through joint ventures, particularly the collaboration with Volvo.

The partnership between Aston Martin and Geely is a pivotal step in the automaker’s transformation journey, capitalizing on Geely’s experience and resources to navigate the challenges of the automotive industry and emerge as a stronger contender in the electric sports car market.