China’s Geely buys 7.6% stake in Aston Martin Lagonda

BEIJING (AP) — Geely Holding Group, one of China’s biggest independent automakers, has bought a 7.6% stake in British luxury brand Aston Martin Lagonda and says it looks forward to potential opportunities to collaborate. Geely declined to give financial details, but Aston Martin Lagonda announced it raised 654 million pounds ($730 million) from investors to pay down debt and “accelerate its long-term growth.” Geely owns the Geely Auto, LYNK & Co. and Geometry brands, Volvo Cars and EV brand Polestar of Sweden, Britain’s Lotus and 9.7% of Mercedes parent Daimler AG.