British luxury car maker Aston Martin has created a joint venture with Chinese partner LeEco to help bring its first electric car to market in 2018.
The joint venture also involves Los Angeles-based electric car startup, Faraday Future which has the backing of LeEco. LeEco founder and CEO Jia Yuenting is Faraday’s primary investor.
“We’re on the way to creating a joint venture…it will help [bring]a product for Aston Martin EV quicker to market than we anticipated,” Aston Martin chief executive Andy Palmer told reporters at a news conference in Frankfurt, Germany.
Faraday Future has developed what it calls a Variable Platform Architecture. This is a modular electric vehicle platform that Faraday says can underpin different types of vehicles, from compacts to SUVs to sports cars.
Aston Martin said the two companies will work together to develop Aston Martin’s first ever electric luxury saloon car called the RapidE.
“The second area of the partnership – the development of low-emission vehicle technologies – has been accelerated as they have developed their respective plans for launching a range of new electric vehicles during the second half of the decade,” Aston Martin said.
Financial details of the partnerships were not disclosed.