Geely Reportedly In Talks With Aston Martin For Possible Investment

Aston Martin is currently in talks with potential investors following the issue of a worrying drop in profits and apparently one of those investors is China’s Geely.

According to the Financial Times, Geely is interested in acquiring a stake into the British car maker and has already been in touch with Aston’s management and investors.

Aston Martin recently announced that their profit for 2019 is expected to be almost half of that achieved the year before, mostly due to the weak European market.

Related: Aston Martin Issues Worrying Profit Warning After Poor 2019

The British car maker expects that the new DBX SUV will help steer the company back on the right track, with Aston Martin saying that it has already received 1,800 orders for it, a “significantly better” number than any other previous models.

Aston Martin’s first ever SUV, the DBX, was introduced in late 2019

In a previous interview, Aston’s CEO Andy Palmer said that he’s confident that the DBX will bring not only new customers to the brand but it will easily become the best-selling Aston of all time. Palmer expects that Aston will sell around 4,000 to 5,000 examples of the DBX on a yearly basis.

Aston Martin also saw its share prices go down significantly, with shares now sitting at around £4.50 ($5.90) and giving the company a market cap of slightly over a £1 billion ($1.31 billion). The British car maker entered the stock market in late 2018 with a stock price of £19 ($25) and a value of £4.3 billion ($5.64 billion).

China’s Geely is the owner of companies like Volvo, Polestar, Lync & Co Lotus, the London EV Company and is currently the biggest shareholder in Daimler with a 9.69 stake in German car maker.