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  • SAUDI ARABIA BREAKING NEWS

Saudi Wealth Fund Raises Stake In Carmaker Aston Martin To Over 20%





The Saudi wealth fund has raised its stake in Aston Martin to 20.5%, a regulatory filing showed on Wednesday, a week after the British carmaker's quarterly results and outlook disappointed investors.


Public Investment Fund's (PIF) shareholding has now gone up by 2.6 percentage points from 17.9%, putting it ahead of Geely Chairman and Chinese entrepreneur Shufu Li on Aston Martin's shareholder list, according to LSEG data.


The new shares were awarded to PIF-controlled Lucid Group, according to the filing. Earlier in the day, Lucid unit Atieva also disclosed a 3,44% stake in Aston Martin.


The Gaydon-based company in June reached a deal with Lucid that gave the U.S. electric automaker a stake in Aston Martin in return for access to its "high performance" technology.


Aston Martin chair Lawrence Stroll remains the top shareholder at the carmaker made famous for being fictional spy James Bond's car brand of choice.


PIF declined to comment to beyond the details disclosed in Wednesday's filing

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