Stroll rubbishes rumors of Aston Martin sale to Chinese company

February 5, 2021 0 By PENTICTONLAWYERS

Aston Martin executive chairman Lawrence Stroll has rubbished rumors that Aston Martin could be sold to Chinese electric-vehicle company BYD.

Stroll and a consortium of investors took the reins of the prestigious British sportscar maker last year, with the aim of turning around its fortunes and steering the legendary brand towards a prosperous future.

Stroll’s plans involve a tie up with the Canadian’s Formula 1 team, Racing Point, which has been re-branded Aston Martin F1 from this year.

However, an article on a Chinese website called East Money has alleged that China’s BYD Auto Co. is preparing to acquire Aston in a deal that would value the luxury sportscar maker at £4.1 million.

Founded in 2003, BYD, which has enjoyed impressive growth since its inception, produces automobiles, buses, electric bicycles, forklifts, rechargeable batteries and trucks.

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Famed US investor Warren Buffett injected $232 million into BYD in 2008 through holding company Berhshire Hathaway, a stake now worth a whopping $7.4 billion! An investment that put the Chinese company on the map of the financial world at the time.

BYD’s Hong Kong-listed shares have skyrocketed 30-fold to the equivalent of $33 since then, while quintupling in value over the past year alone as the EV craze swept the financial markets.

While BYD certainly has the financial muscle to snap up Aston Martin, Stroll vehemently denied that a takeover was in the works, calling the recent rumor “absolute bullshit and totally untrue” according to an Aston Martin spokesperson.

“He says he couldn’t be more excited about, and sincerely believes in, the team’s long-term future success,” added the Aston representative.

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