FRANKFURT, Germany – Chinese technology company LeEco, formerly known as LeTV before its rebranding, and luxury sports car brand Aston Martin signed on February 17 a Memorandum of Understanding (MOU) towards the creation of a partnership that will develop a production version of the Aston Martin RapidE electric vehicle concept, according to a company news release.
It is anticipated that the partnership will see the two companies working together in developing and manufacturing RapidE, with potential for adding a range of next-generation connected electric vehicles on behalf of Aston Martin, LeEco and Faraday Future, a start-up electric car firm backed by LeTV chairman Jia Yueting.
The RapidE is expected to be built in Gaydon, England and hit the market in 2018.
“Signing of this MOU ushers a new phase of the collaborations between Aston Martin and LeEco,” said Ding Lei, co-founder and global vice chairman of LeTV’s SEE Plan. “We hope that, by strengthening collaborations with Aston Martin, our future models will provide premium qualities and delicate arts and crafts as good as those of Aston Martin. 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.”
“We have been encouraged by the project speed and technical depth shown by LeTV in the development of the RapidE concept towards full production,” said Aston Martin CEO Dr. Andy Palmer. “Bringing the RapidE to market by 2018 is an important milestone for both companies.”