ASTON MARTIN ELECTRIC CAR STRATEGY
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 partnered 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 was to support with support the development of low emission vehicle technologies. The partnership shipwrecked not long after its start due to financial troubles at LeTV resulting in a longer than expected development time for the RapidE, moving the due date to 2019.
ASTON MARTIN EV MODELS
ASTON MARTIN EV SALES
Go to our detailed breakdown of Global EV Sales to see how the Aston Martin electric car strategy fares to its competitors in the fast-growing EV market.
THE ASTON MARTIN ELECTRIC CAR STRATEGY IN THE NEWS
2018 Week 6 - Asto Martin hunts for partnerships in China
A year after Aston Martin‘s disastrous partnership with LeEco the British automaker is returning to China shopping for new partnerships. The failed partnership with LeEco, owner of Faraday Future, caused the delay of the delivery of Aston Martin’s first EV, the RapidE, from 2018 to 2019. In an interview with Bloomberg the CEO of Aston Martin, Andy Palmer, indicated that Aston Martin is not looking to produce EVs with its badge for the Chinese market but rather to collaborate on materials and technologies to improve the performance of its EVs. To this end, Aston Martin announced a 5-year trade and investment drive worth $860 million (£600 million). Palmer further indicated that it is considering using China’s largest battery maker, CATL, as the supplier for the RapidE. CATL this week raised $2 billion in a bid to become the worlds largest battery maker for EVs.
Hopefully, Aston Martin learned something from its misadventures with LeEco as its investments in the EV sector could only see returns from 2025.
2017 Week 26 - Asto Martin confirms new RapidE due date
After the breakdown of the Aston Martin / LeEco JV Aston Martin had to go back to drawing board on the development of the RapidE. The company this week confirmed the new launch date as 2019.
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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