LeEco withdraws funding from Aston Martin to start producing electric cars on its own

According to Reuters, Aston Martin plans to scale back production of its first electric car after LeEco withdrew from its electric car production partnership with British sports car maker Aston Martin due to cash problems. Aston Martin's first model is relatively special, targeting some consumers who think the Model S, which costs up to $130,000, is too ordinary.

Aston Martin will only produce 155 RapidE, its first electric car, which is almost a third of the original plan. Aston Martin CEO Andy Palmer said that after LeEco's withdrawal, Aston Martin will rely more on Formula 1 racing professional Williams.

The setback and the company's response highlight the challenges and risks facing the niche automaker as it moves to meet consumer and regulatory demands for an electrified future. The privately held brand has benefited from the James Bond detective novels but lacks the backing of a large parent that some rivals have.

Palmer said: "We have decided to produce this car in a small range, but the price may be relatively high. Aston Martin's plan now is to run it alone and the future development of RapidE will be entirely supported by us.

Last February, Aston Martin and LeEco announced a partnership to launch a pure electric version of the Rapide S sedan in 2018, but LeEco withdrew from its electric vehicle investments, including a $1.3 billion investment in the Nevada factory of the US startup Faraday Future. Some of Faraday Future's suppliers, including seat manufacturer Futuris and media service provider Mill Group, have sued LeEco for unpaid bills.

Spokespeople for LeEco and Faraday Future did not immediately respond to questions about the Aston Martin partnership, and Aston Martin declined to comment on the partnership.

Aston Martin, now owned by private equity firm Investindustrial and the Kuwait Investment Authority, finally turned a profit in the first quarter of this year, a decade after being sold to Ford. The company now launches a new model every year under a revival plan devised by Palmer, who joined Aston Martin from Nissan in 2014.

Aston Martin's first electric car will start taking orders next month and will be priced at about $255,000 before subsidies in the UK market, far more than the price of a car equipped with a V12 5.9-liter engine with a maximum output power of 470 horsepower.

The battery for the car will be supplied by a new factory built by a consortium led by Williams Advanced Engineering, the technical arm of Williams. Williams supplies batteries for the Formula E electric racing series and built the RapidE prototype that was unveiled in 2015. Aston Martin's first series-produced electric car will be an electric version of the DBX hatchback, which the company will launch in 2019.

As a winner of Toutiao's Qingyun Plan and Baijiahao's Bai+ Plan, the 2019 Baidu Digital Author of the Year, the Baijiahao's Most Popular Author in the Technology Field, the 2019 Sogou Technology and Culture Author, and the 2021 Baijiahao Quarterly Influential Creator, he has won many awards, including the 2013 Sohu Best Industry Media Person, the 2015 China New Media Entrepreneurship Competition Beijing Third Place, the 2015 Guangmang Experience Award, the 2015 China New Media Entrepreneurship Competition Finals Third Place, and the 2018 Baidu Dynamic Annual Powerful Celebrity.