Aston Martin’s forthcoming electric sports car, the RapidE, will become even more exclusive than originally planned, after the departure of struggling Chinese electronics manufacturer LeEco as an investor on the project.
In an interview with Reuters, Aston Martin CEO Andy Palmer confirmed that LeEco has pulled out of the electric supercar project, forcing the British carmaker to scale back production. Aston Martin will now only make 155 vehicles, which is about a third of the initial plan, and lean more heavily on Formula One engineering specialist Williams after the departure of LeEco. A spokesperson for Aston Martin said, “The collaboration with LeEco has reached a natural inflection point.”
The RapidE, a four-door sports car with the looks and dynamics of Aston’s Rapide S powered by an all-electric powertrain replacing the six-liter V12 engine, will enter production in 2019, the company says. Other details, such as where it will be sold, are unclear.
Palmer said that Aston would proceed by funding development of the RapidE “by ourselves,” noting the loss of LeEco from the project would push the vehicle’s sales price up. The setback highlights the risk of carmakers, especially niche brands like Aston, when trying to meet the demands of electrification from regulators and consumers.