Aston Martin, known for its V12 performance vehicles has entered the electric vehicle segment in early 2016 by partnering with ChinaEquity to fund the development of a concept model in the next two years. The Chinese President oversaw the signing of the agreement. It is expected that the concept car will produce more than 1,000hp. The company will partner with the Chinese LeEco, the owner of Faraday Future on the development of an all-electric version of the Rapid E Performance Saloon, incorporating the latest LeTv Internet of the Vehicle (IOV) system. LeEco will help with the development of low emission vehicle technologies.
BENTLEY ELECTRIC VEHICLES IN THE NEWS
2016 Week 52 - Whats happening with the LeEco and Aston Martin pertnership?
The controversial LeEco announced the groundbreaking of its plant in the city of Hangzhou, Zhejiang Province China. LeEco is entwined between Faraday Future and the LeSee electric vehicle manufactured by LeEco. Both companies were founded by Chinese businessman Jia Yueting. Both businesses are known for making bold statements and big ticket announcements just to be followed by press reports of cash flow and funding problems. The announcement comes at a time when Faraday Future is battling to break ground on its plant in Northern Los Angeles. The company could not even pay the $21 million deposit to Aecon despite being offered $300 million by the local authorities for building the assembly plant there. LeEco has also partnered with Aston Martin on the RapidE, where it will help with the development of the zero emission technology. Faraday Future is said to hold the patents to the technology, but recent reports state that the technology is in fact held by a separate company in the Cayman Islands, creating insecurity for investors and borrowers.
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