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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An aerial view of Chevron crews attempting to extinguish a large fire and explosion that occurred at Chevron Refinery in El Segundo Thursday, Oct. 2, 2025.
Allen J. Schaben | Los Angeles Times | Getty Images
A huge fire broke out on Thursday night at a Chevron jet fuel production unit in California, one of the largest refineries on the U.S. west coast, following reports of an explosion.
No injuries were reported from the incident at the El Segundo plant, Chevron said on Friday, with the U.S. energy major’s fire department personnel and emergency services “actively responding” to the situation.
It was not immediately clear what caused the blaze.
“All refinery personnel and contractors have been accounted for and there are no injuries,” Chevron said in a statement, according to NBC.
“No evacuation orders for area residents have been put in place by emergency response agencies monitoring the incident, and no exceedances have been detected by the facilities fence line monitoring system,” the company added.
This is breaking news. Please refresh for updates.
What looks to be Tesla’s long-rumored “more affordable model” has been spotted testing on a highway, without any camouflage. But before you get too excited, it’s just a Model Y with some cheaper parts – and a price that’s not much different than we’ve seen on other Teslas.
For many years, Tesla had planned to build a much more affordable vehicle, starting around $25k. This vehicle was nicknamed the “Model 2,” and would have offered the most affordable entry point into the EV market, at least in the West.
In its place, Tesla started offering vague promises about “more affordable models,” starting in its Q1 report in April 2024. Tesla later specified that these would enter production in the first half of 2025.
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The language Tesla used suggested that the cheaper vehicles would be new models, which means more than one model, and not just based on a current Tesla model. But we reported that this was unlikely to be the case, and that the new models would just be a stripped-down Model Y.
We first saw the “more affordable” Model Y out and about in Chinese spy shots, which included exterior videos and even a peek at the interior. However, in those spy shots, the front and rear of the vehicle were covered with camouflage, suggesting that there would be some changes in those areas Tesla didn’t want to leak yet.
Tesla doesn’t seem to mind those leaks anymore (especially after a low-res website leak), as a Model Y was spotted driving on the highway with no camouflage whatsoever, offering a look into what Tesla was hiding underneath those covers.
The pictures were posted to reddit by Fantastic_Train_7270, and show a Model Y with Florida manufacturer plates.
The nicely clear front end photos show that the car is missing the front light bar that was added with the Juniper refresh, instead reverting to separate headlights – though both are quite narrow, like the headlights on the Juniper.
The rear end is also missing its light bar, instead replaced by a horizontal black line. The line does not have the “T E S L A” badging, as the Juniper refresh has.
The model also has new aerodynamic wheels, which should help add a little range (and may make up for a smaller battery pack, though we don’t have information yet on whether battery size is part of the decontenting associated with the “more affordable” model).
Other than the lack of light bars, the front and rear look quite similar to the Juniper refresh. However, one concerning detail is that the rear trunk lid does not seem to fit snugly into the place it’s supposed to fit, instead encroaching onto the top of the plastic rear fascia.
We don’t know what might have caused this, but we do know that we’ve seen Model Ys with poor color matching on body panels before – but that’s a lot less of a problem than a body panel that seems to be misaligned by the better part of an inch, visible from a longish distance shot on a highway.
Of course, it’s just a prototype, but this is also the reason prototypes have camouflage, so the public can’t see fiddly bits like this ahead of release.
While these photos don’t show us anything of the interior, information from a recent software update gives us some hints as to what has been removed. In addition to removing the glass roof, coat hooks and 8″ rear screen (as could be seen in the Chinese spy shots), the software update suggests that the Model Y will have no ambient LED lights, single-axis seat controls, and simpler air vents.
The fact that this vehicle was spotted without camouflage, alongside the fact that this vehicle has shown up in recent software updates, suggests that release may be imminent. We had expected that it might be released in China first as has been the case with some other Tesla models lately, but the vehicle’s presence on US roads means that it might see a release here soon too.
And if it is releasing soon, it would be at an important time. Tesla just had its first positive sales quarter in some time, but that was primarily due to the expiration of the $7,500 US EV tax credit, which pulled forward demand. That means Teslas are now going to be $7,500 more expensive for US buyers, as of yesterday. So anything Tesla can do to cut prices will be a big deal.
We don’t know for certain how much cheaper the “more affordable” Model Y will be, but estimates (and a leak) suggest a base price of $40k – so, a savings of $5k over the current $45k base price, or $2,500 under the current base price of the Model 3, neither of which are as low as the lowest prices we’ve seen Teslas sell for before. Quite a far shout from the actually affordable $25,000 car we were all promised for so long.
Also, that price would still be a $2,500 price increase compared to the deal which was available just two days ago, before tax credit expiry. And Tesla has its own CEO to thank for that price hike, given he unwisely spent $200 million campaigning for the anti-EV forces that are now making his company’s products less affordable.
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On today’s surprising episode of Quick Charge, Tesla had its first good sales quarter in a while as the EV tax credit expiration spiked demand, but a number of big shareholders still want Elon gone! Press play to find out why!
We’re also highlighting new EV deals from BMW and Jeep – but it’s not all rosy news for Stellantis’ EV fans. The eagerly anticipated, ultra-fast Banshee edition may never see the light of day.
Today’s episode is brought to you by Climate XChange, a nonpartisan, nonprofit organization working to help states pass effective, equitable climate policies. The nonprofit just kicked off its 10th annual EV raffle, where participants have multiple opportunities to win their dream EV.
New episodes of Quick Charge are recorded, usually, Monday through Thursday (most weeks, anyway). We’ll be posting bonus audio content from time to time as well, so be sure to follow and subscribe so you don’t miss a minute of Electrek’s high-voltage daily news.
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