Volvo and Polestar owner Geely announced it had raised its stake in the iconic British luxury automaker Aston Martin to 17% as part of a new relationship agreement.
Zhejiang Geely Holding Group Co. Ltd., or simply Geely to most, is China’s largest privately owned auto tech group with an emerging EV presence.
After buying out Volvo Cars in 2010 from Ford, Geely gained access to the established Swedish automaker’s technology and expert knowledge in safety, minimalist design, and engineering.
Geely also acquired Volvo’s racing partner, Polestar, in 2015 and British sports carmaker Lotus in 2017. By sharing technology and platforms, Geely has grown into a leading EV maker in China, with its hand in nearly every segment.
The Geely umbrella has continued to expand over the years by introducing new dedicated EV brands, including ZEEKR, its premium EV line, and Geometry, its mass-market electric car company.
With a larger stake in Aston Martin, can Geely do the same with the famed luxury British automaker?
Polestar 6 roadster concept (Source: Polestar)
Geely raises stake in Aston Martin ahead of first EV launch
Geely revealed it had increased its stake to 17% in Aston Martin, more than doubling its previously announced 7.6% ownership in September and becoming its third largest shareholder.
The decision to increase its ownership comes as Geely’s chairman and founder, Eric Li, expressed “confidence in the company’s growth prospects, its technologies, and its management team.”
Li added since acquiring its first stake in Aston Martin, the company has worked with executive chairman Lawrence Stroll and now looks forward to “exploring joint technology synergies and new growth opportunities.”
Stroll added:
Geely can offer us a deep understanding of the key strategic growth market of China as well as the opportunity to access their range of technologies.
Interestingly, Aston Martin rejected Geely’s £1.3 billion ($1.61 billion) investment proposal last year that would have allowed the Chinese automaker to take control of the business.
Aston Martin has struggled to raise funds over the past several years as it burns through cash. The British sports carmaker later raised £575.8 million ($660 million ) from the Saudi Arabia Public Investment Fund.
Although Aston Martin has yet to release its first fully electric vehicle, the company plans to launch one by 2025.
Electrek’s Take
Geely has the technology and partnerships to evolve the Aston Martin brand, reviving it in the new electric era.
Geely’s other brands are thriving. Volvo’s EV sales grew 157% in the first three months of 2023, with new models coming to drive momentum further, including the EX90 SUV and its smallest and cheapest SUV, the EX30, due out this summer.
Meanwhile, Polestar achieved another record first quarter, delivering 12,076 models, up 26% YOY, with its first electric SUV, the Polestar 3, due out next year.
ZEEKR built its 100,000th electric vehicle in April after only 18 months and believes it can be a top three premium EV maker by the end of the decade. Sales of Lotus’s first electric SUV, the Electre, began in 2022 after unveiling the $2 million all-electric Eviija hypercar in 2019.
For Aston Martin to turn things around, it will take a brand revamp. And what would be better than all-electric Aston Martins?
Not only do EVs offer more power and instant torque, but they are also loaded with the latest software and tech features to make the driver experience that much more enjoyable.
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Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.
“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”
Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.
Canadian pricing has yet to be announced.
Electrek’s Take
FedEx electric delivery vehicle; via Workhorse.
There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.
The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.
Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).
The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.
LIEBHERR
Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.
The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.
The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
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To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
enclosed cab vs. open canopy
32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
HX19e electric mini excavator; via Hyundai Construction Equipment.
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.