China's Geely buys stake in Aston Martin as luxury brand prepares to electrify
FOX Business Flash top headlines for September 30
Check out what’s clicking on FoxBusiness.com
Chinese automaker Geely is expanding its portfolio with a major investment in Aston Martin Lagonda.
The company is taking a 7.6% stake in the publicly traded luxury automaker, which said it had raised $730 million in the latest funding round that included Saudi Arabia's Public Investment Fund.
Along with its namesake brand, Geely also controls Lotus, Volvo, Polestar and several other makes.
The investment comes just two months after a previous offer was rejected by Aston Martin Lagonda.
SEAN CONNERY'S OWN ASTON MARTIN DB5 SOLD FOR $2,425,000