Aston Martin has appointed Geely CEO Daniel Li to its board. The Chinese automaker is its third largest shareholder.
Geely in May made a 234-million-pound ($299.4 million) investment in the British automaker, giving it the right to one board seat.
As part of the transaction, Geely acquired a 17 percent stake in Aston Martin, purchasing 42 million shares from Chairman Lawrence Stroll’s Yew Tree consortium along with 28 million new shares, Aston Martin said at the time in a stock exchange filing.
Geely previously acquired a 7.6 percent stake in Aston Martin in September last year.
Aston Martin has struggled with cash and acquired Saudi Arabia’s Public Investment Fund as a shareholder last year as Stroll looks to turn around the automaker and pivot to battery-powered sports cars.
Analysts have in the past said that Aston’s lack of scale and precarious cash balance made it vulnerable.
Currently, Stroll’s Yew Tree is the company’s largest shareholder, followed by Saudi Arabia’s Public Investment Fund.
Geely owns multiple brands including British sports-car maker Lotus, Zeekr, Volvo Cars and Polestar, via a joint venture with Volvo.
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