Aston Martin To Co-develop Electric Car With China’s LeEco

Aston Martin, the British manufacturer of luxury sports cars, this week announced that it has agreed with a Beijing-based tech firm, LeEco, to jointly develop the British luxury automaker’s first electric vehicle by 2018. Formerly known as Letv, LeEco claims that its mission is to create extraordinary consumer experiences with a vertically integrated ecosystem shaped by constant innovations and breakthroughs.

Models poses next to Aston Martin sportscars at the Beijing Auto Show in 2014. (Photo courtesy Peter Parks/AFP/Getty Images )

According to the agreement, Aston Martin and LeEco plan to develop an electric car based on the British automaker’s Rapide S model. After that, the two companies will develop other potential electric vehicles.

Andy Palmer, Astom Martin Chief Executive, said that the partnership “brings Aston Martin’s electric car project forward” at a news conference in Frankfurt. The new electronic car would come to market in 2018 and will be built in Gaydon, England, according to the agreement.

LeEco hopes to promote cars in future by using its exsiting audience base and celebrities endorsements. As Lei Ding, co-founder of LeEco’s auto division, said,

“In China we have around 300 million people who visit our website. We could advertise the Aston Martin for free. And we can use celebrities to promote our vehicle. This is the way we do business.”

As the Chinese government continues its efforts to cut down the country’s air pollution, the electric car market will grow rapidly in China. The Chinese government aims to have at least 5 million electric cars by the year 2020.

Former Porsche Executive To Head Aston Martin China Operations

Sports car maker Aston Martin hired Michael Mingshan Peng, former Porsche and BMW executive, to head its China operations, effective from February, reported Reuters.

Educated at Shanghai’s Tongji University, Peng was previously appointed as head of sales at Porsche China. Mr. Peng is a proven veteran of the luxury auto industry, according to Porsche’s website. Prior to becoming Director Sales, Mr. Peng had been Special Projects Manager with Porsche China, responsible for business management and other key functions.

“Aston Martin is in the midst of its most significant and ambitious period of investment to date, and Michael will be instrumental in leading the China dealer network through this exciting time.” said Andy Palmer, chief executive of the British luxury sports car manufacturer.