Geely in talks to pump cash into Aston Martin: FT

Aston has struggled since it floated to great fanfare in October 2018

Aston has struggled since it floated to great fanfare in October 2018

While Aston Martin has an F1 partnership with Red Bull, the contract comes up for renewal at the end of the 2020 season.

(Alliance News) - Geely Automobile Holding Ltd held talks with Aston Martin Lagonda Holdings PLC as the Chinese firm considers investing into the luxury carmaker, the Financial Times reported late Friday.

A report said the owner of Racing Point Formula One team Lawrence Stroll is also in talks with the auto British company, but it could not be confirmed.

Geely's chairman Li Shufu, owns a 9.69% stake in Mercedes-Benz parent Daimler. Geely also owns Volvo.

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. Of those owners with a significant stake already - Investindustrial and Adeem control more than 60 per cent - it's believed that the former will participate in a capital increase. Currently, the manufacturer hopes to debut in the history of the company crossover Aston Martin DBX.

Mr. Stroll uses Mercedes engines in his Formula 1 racing team, Racing Point. The company has already taken out a £120m loan, of course, and qualified for a subsequent £80m when it hit 1,400 orders for the SUV - although those sums come accompanied by interest rates of 12 and 15 respectively. Geely did not immediately respond to a request for comment.

Aston declined to comment beyond the statement issued earlier this week.

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