Geely acquires 7.6% stake in Aston Martin

China's largest private carmaker Zhejiang Geely Holding Group told China Daily on Friday that it has acquired a 7.6 percent stake in British luxury carmaker Aston Martin Lagonda.

Daniel Donghui Li, CEO of Zhejiang Geely Holding Group, said its well-established track record and technology offerings can contribute to Aston Martin's future success.

"We look forward to exploring potential opportunities to engage and collaborate with Aston Martin as it continues to execute its strategy to achieve long term, sustainable growth and increased profitability," said Li.

Aston Martin Lagonda is a British manufacturer of luxury sports cars and grand tourers. Its predecessor was founded in 1913 by Lionel Martin and Robert Bamford.

Besides its stake in Aston Martin, Zhejiang Geely Holding Group owns Swedish premium brand Volvo and holds stakes in international marques including Daimler, Proton and Lotus.