Aston Martin to develop first EV with China's LeEco
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FRANKFURT (Reuters) -- Aston Martin has set up a enterprise with Chinese engineering team LeEco to jointly produce the British luxury-car manufacturer first electric-vehicle, that could come to market in 2018, the firms said today.
"It provides Aston Martin's electric-car project forwards," Aston Martin CEO Andy Palmer said in a news conference in Frankfurt.
The partners program to come up with an electric-car based on Aston Martin's Rapide S. Economic conditions of the transaction weren't revealed.
Lei Ding, cofounder of LeEco's automobile department, who formerly held senior positions at joint ventures of Volkswagen and Gm in China, stated: "The JV is a partnership program. We are able to develop potential electrical automobiles for both events."
Individually, the newest joint venture intends to collaborate with Faraday Potential, the startup electric-car company backed by Chinese billionaire Jia Yueting, the firms said.
China's government is encouraging electric vehicles to slice the the smog that often envelops towns, which authorities say has assisted revenue quadruple a year ago , and it has turned it to the planet 's largest marketplace.
An electric-car joint-venture of Taiwan's Hon Hai, China's Tencent and China Harmony Auto Holding stated this month it was selecting former BMW executive Carsten Breitfeld to direct it.
Harmony Futeng, started last March, is one among several Chinese technology firms looking to produce "wise" and electrical automobiles. Included in these are Alibaba, Baidu and Leshi Internet Information and Engineering Corp Beijing, lately rebranded as LeEco.
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