Updated on 7 August 2026
Geely is one of Aston Martin’s largest shareholders, yet the British brand imports only a few dozen cars a month into China and faces losses, restructuring and a shrinking ultra-luxury market.
By Daxue Consulting
In May 2026, China imported 14 Aston Martins, against 115 Bentleys, 36 Ferraris and 29 Rolls-Royces (Sina Tech via Huxiu (虎嗅), July 2026). The brand is globally famous through James Bond and Formula 1, and Geely, owner of Volvo and Lotus, has held a 17% stake since May 2023 (Morningstar, May 2023). In China, it remains a very small brand.
The company itself is under pressure. Aston Martin sold 5,448 cars worldwide in 2025, down 10% YoY, and recorded an operating loss of £260 million (Yicai (第一财经), February 2026). This analysis of Aston Martin in China examines the brand’s position in China, the role of its Chinese shareholder and what its case implies for niche luxury brands.
| Daxue Overview |
|---|
| Presence: Beijing service centre since 2008; formal market entry in 2012. |
| Shareholder: Geely raised its stake to 17% in May 2023. |
| Volume: 14 cars imported into China in May 2026 (-7% YoY) (Sina Tech via Huxiu). |
| Company: 5,448 cars sold worldwide in 2025 (-10% YoY), operating loss of £260 million, up to 20% of jobs cut (Yicai). |
| Market: ultra-luxury imports falling; 10% luxury car tax from RMB 900,000 since July 2025. |
Aston Martin in China: key figures
Exhibit 1: Aston Martin’s global volumes and China imports both declined
| Indicator | Figure | Period | Source |
|---|---|---|---|
| Geely’s stake | 17% | Since May 2023 | Morningstar |
| Global wholesales | 5,448, -10% YoY | 2025 | Yicai |
| Revenue and operating result | £1.26 billion (-21% YoY); operating loss of £260 million | 2025 | Yicai |
| Net debt | £1.38 billion | End 2025 | Yicai |
| Restructuring | Up to 20% of jobs cut; EV platform postponed; capex 2026-2030 cut to £1.7 billion | 2026 | Yicai |
| Asia-Pacific wholesales | 968, -21% YoY; Asia-Pacific excluding China -25% | 2025 | Aston Martin FY2025 results |
| China imports | 14, -7% YoY | May 2026 | Sina Tech via Huxiu |
| Luxury car consumption tax | 10% at retail from RMB 900,000 before VAT | Since 20 July 2025 | CnEVPost |
Source: compiled by Daxue Consulting.
Geely’s stake brought capital, not Chinese demand
Geely, which also owns Volvo, Polestar and Lotus and partners with Mercedes-Benz on smart, raised its stake in Aston Martin to 17% in May 2023 (Morningstar). The investment gave Aston Martin capital and potential access to Chinese electric technology. Sales data does not suggest that it has strengthened demand in China; Chinese buyers of a British heritage brand appear to choose it for its European identity rather than its shareholders.
The company is restructuring while China demand stays weak
In 2025, revenue fell 21% YoY. Aston Martin plans to cut up to 20% of jobs, has postponed its electric platform and agreed to sell the naming rights of its Formula 1 team for £50 million (Yicai). Its first plug-in hybrid supercar, the Valhalla, started deliveries at the end of 2025, with about 500 planned for 2026.
Aston Martin does not report China separately. Asia-Pacific wholesales fell 21% YoY to 968 cars in 2025, and 25% excluding China, which implies that China declined less than the rest of the region. Management described China as a market “with long-term growth potential”, while noting that demand was “extremely subdued” because of the economy and the July 2025 luxury car tax change (Aston Martin FY2025 results).
Ultra-luxury imports are shrinking across brands
Exhibit 2: Most ultra-luxury brands imported fewer cars into China in May 2026
| Brand | China imports, May 2026 | Change YoY |
|---|---|---|
| Bentley | 115 | -36% |
| Ferrari | 36 | -32% |
| Rolls-Royce | 29 | -45% |
| Lamborghini | 24 | Flat |
| Maserati | 21 | -80% |
| Aston Martin | 14 | -7% |
| McLaren | 0 | -100% |
Source: Sina Tech via Huxiu, July 2026. Monthly import figures are volatile and indicate orders of magnitude, not market shares.
China imported about 27,000 cars in total in April 2026, down 33% YoY (Sina Tech via Huxiu). Since July 2025, every Aston Martin falls under the 10% luxury car tax. Young wealthy buyers also compare imported brands with Chinese electric cars above RMB 1 million, a shift described in the analyses of Rolls-Royce and Bentley in China.
Awareness online is higher than sales
The brand’s WeChat account supports events and test drives, while James Bond, Formula 1 and new models drive attention on Weibo and Douyin. Prices and reviews circulate on Dongchedi (懂车帝) and Autohome (汽车之家). For a niche brand, the gap between online awareness and actual sales is one of the main challenges in China.
How the brand’s China position has changed over the past decade
Exhibit 3: From a new entrant in a growing luxury market to a niche player in a shrinking one
| Early 2010s | Today | |
|---|---|---|
| Presence | New, formal entry in 2012 | Established, very small volumes |
| Main shareholders | Private equity and Kuwaiti investors | Lawrence Stroll’s consortium and Geely (17%) among the main shareholders |
| Range | V8 and V12 Vantage, DB9, DBS | Vantage, DB12, DBX SUV, Valhalla hybrid |
| Competition | Bugatti, Rolls-Royce, Maybach | Ferrari, Porsche, Bentley, Lamborghini and Chinese electric cars |
| Market | Fast-growing luxury | Shrinking ultra-luxury imports, 10% tax from RMB 900,000 |
| Company | Growing abroad | Losses, restructuring, EV postponed |
Daxue Take: implications for niche luxury brands
- For brands with global fame but low sales in China, awareness from films or sport does not translate automatically into purchase. Ferrari’s owner community and Rolls-Royce’s bespoke model show two ways to build desire; a brand without a defined China proposition is likely to stay marginal.
- For European brands with a Chinese shareholder, explaining what remains European (design, craft, heritage) and what the partner brings (technology, scale) may avoid confusion. Where buyers value heritage above all, a visible Chinese role may not help sales.
- For brands selling a few dozen cars a month, private events, owners’ clubs and after-sales service in a few cities can matter more than national coverage. This holds as long as dealer partners can stay profitable at low volumes.
- For companies under financial pressure, investing in China’s dealer network and marketing while cutting costs elsewhere is difficult. Prioritising a small number of cities is one option.
- For all ultra-luxury brands, prices, allocations and resale values require close management in a shrinking market.
Questions for leadership teams: Why would a Chinese buyer choose the brand over Ferrari, Porsche or a Chinese electric car? Which cities justify investment? What does the Chinese shareholder change for clients?
What to watch next
- Aston Martin’s full-year 2026 results and any China commentary.
- Valhalla deliveries to Chinese clients.
- Any change in Geely’s stake.
- Ultra-luxury import volumes for the second half of 2026.
FAQ about Aston Martin in China
When did Aston Martin enter China? Aston Martin opened a Beijing service centre in 2008 and entered the Chinese market formally in 2012.
Does Geely own Aston Martin? No. Geely raised its stake to 17% in 2023 and is one of the largest shareholders, but it does not control the company.
How many Aston Martins are sold in China? Very few. China imported 14 Aston Martins in May 2026. The company does not report China sales separately.
Why is Aston Martin struggling? Aston Martin sold 10% fewer cars worldwide in 2025, recorded a £260 million operating loss and is cutting up to 20% of jobs, citing tariffs, geopolitics and weak demand, including in China.
About Daxue Consulting
Daxue Consulting is a market research and strategy consulting firm focused on China. For niche luxury brands, Daxue Consulting interviews high-net-worth buyers and owners, benchmarks competitors on price, dealers, events and after-sales through mystery shopping, compares online awareness with sales, and helps select cities and partners. Related analyses cover the luxury car market and the ultra-luxury market. Learn more about our market research services or contact our team.
Author: Daxue Consulting
