Saudi wealth fund raises stake in Aston Martin to over 20%

Aston Martin said Saudi Arabia's Public Investment Fund (PIF) had raised its stake in the British luxury automaker by 2.6 percentage points to 20.5 percent, a regulatory filing showed on Wednesday, a week after the U.K. luxury automaker's quarterly results and outlook disappointed investors.

Public Investment Fund's (PIF) shareholding has now gone up from 17.9 percent, putting it ahead of Geely Chairman and Chinese entrepreneur Shufu Li on Aston Martin's shareholder list, according to LSEG data. The Chairman controls 17 percent of the company.

Aston Martin Chairman Lawrence Stroll remains the top shareholder at the automaker. In October, his Yew Tree Consortium raised its stake to above 26 percent after another major shareholder wanted to cut its holding.

The new shares were awarded to PIF-controlled Lucid Group, according to the filing.

Earlier in the day, Lucid unit Atieva also disclosed a 3.44 percent stake in Aston Martin.

The Gaydon-based company in June reached a deal with Lucid that gave the U.S. electric automaker a stake in Aston Martin in return for access to its "high-performance" technology.

PIF declined to comment beyond the details disclosed in Wednesday's filing.