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Aston Martin makes RapidE electric car a limited edition after LeEco pulls out

Aston Martin was forced to scale back production plans for its first electric model after cash-strapped investment partner LeEco pulled out of the project, Chief Executive Andy Palmer told Reuters on Monday. The result, though, may be an even more exclusive car, aimed at customers who consider Tesla's top of the range $130,000 Model S to be a little too run of the mill. Aston Martin will build only 155 of its RapidE, about a third of the initial plan, and lean more heavily on Formula One engineering specialist Williams after the withdrawal of Chinese TV and smartphone vendor LeEco, Palmer said. The setback and Aston's response underscore the challenges and risks niche carmakers face as they scramble to address future demand for electrification from consumers and regulators. While the privately held Aston Martin brand benefits from the endorsement of fictitious spy James Bond, it lacks the backing of a large automotive parent that many rivals enjoy. "We've decided to make this car rare, which will obviously tend to push the price higher," Palmer said. "Aston Martin now plans to proceed independently, funding further development of RapidE by ourselves." Palmer agreed to be interviewed after sources told Reuters Aston Martin's partnership with LeEco had unraveled. Unveiling the alliance in February last year, LeEco and Aston pledged to launch an all-electric version of the Rapide S sedan in 2018. But the Chinese conglomerate has since slashed its electric car investments, including its U.S. startup Faraday Future's planned $1.3 billion factory in Nevada. Some Faraday suppliers, including seat maker Futuris and media provider Mill Group, have sued the company for non-payment, according to court records. Spokesmen for LeEco and Faraday did not respond to requests for comment on the end of the Aston partnership. Aston Martin declined to discuss its partner's business. $250,000 PRICE TAG Aston returned to profit in the first quarter, a decade after it was sold by Ford. Now owned by private equity groups Investindustrial and Kuwait's Investment Dar, the company is rolling out a new model each year under a taut recovery plan drawn up by Palmer, who joined from Nissan in 2014. Without LeEco's backing, the sports carmaker, based in Gaydon, Warwickshire, is pushing ahead as sole investor in the electric car, after paring down production and pushing back the launch date to 2019. The plan won board approval on June 21.

Mercedes F1 boss Toto Wolff takes a stake in Aston Martin

LONDON — Mercedes Formula One boss Toto Wolff has taken a stake in British sportscar maker Aston Martin, whose executive chairman Lawrence Stroll runs the Racing Point F1 team, according to company filings. A Mercedes F1 spokesman said Wolff's move was purely an investment on the Austrian's part and would be diluted by a rights issue on Monday from 4.77% to less than 1%. "Fully diluted following the pending rights issue, this investment will represent a 0.95% stake in the company," he added. "It is a financial investment and Toto's partnership and executive role with Mercedes are unaffected by the transaction." Swiss billionaire Ernesto Bertarelli has also bought a 3.38% stake which will be similarly diluted. Wolff previously had a 16% shareholding in former champions Williams but sold that after he joined the Mercedes team, where he serves as principal and owns 30%. Canadian billionaire Stroll, whose son Lance drives for Racing Point alongside Mexican Sergio Perez, is close to Wolff. The Silverstone-based team — to be renamed Aston Martin next year — use Mercedes engines and gearboxes. Mercedes-Benz's parent Daimler also has a small stake in Aston Martin. "It's clear that Aston are now Mercedes' B team," the Daily Mail quoted one Formula One insider as saying. Wolff's future at Mercedes has been the subject of some media speculation, with the 48-year-old linked variously to senior management roles with Liberty Media-owned Formula One and at Aston Martin. His Aston Martin shares were bought from Yew Tree Overseas Limited, a vehicle controlled by Stroll who acquired a roughly 25% percent holding in Aston Martin with a consortium of investors. Mercedes have won the past six Formula One drivers' and constructors' titles but have six times world champion Lewis Hamilton out of contract at the end of the 2020 season, which has yet to start due to the COVID-19 pandemic. Hamilton, who has also been linked to Ferrari, had told reporters before the global crisis changed the sporting and financial landscape that his decision would depend on Wolff's plans. The Briton is now expected to stay at Mercedes, with a radical overhaul of Formula One's sporting and technical regulations postponed to 2022. Related Video: Motorsports Aston Martin Mercedes-Benz

Aston Martin considering three new model lines

With a new captain at the helm and flush with development cash, Aston Martin is undertaking an ambitious revitalization. The company provided some new details on that plan at the Shanghai Motor Show this week. Called the Second Century plan, the steps outlined by the company's new chief executive Andy Palmer include replacing every model in Aston's lineup by the end of this decade – now less than five years away. That's a pretty aggressive plan, but one that critics would say is sorely needed for a company with a model line as antiquated as Gaydon's. But that's not the end of the story. In addition to replacing its current models, Aston's revitalization plan also calls for adding "up to three new model lines" to its range. Now we already knew that the British automaker is working on bringing the DBX crossover concept to production, as well as a Lagonda sedan more widely available than the strictly limited Taraf. But just what that third model line would be, we don't know at this point. We could be looking at a new sports car, an additional Lagonda model (perhaps a larger crossover) or something else entirely. One thing's for sure, though: Aston isn't about to reskin one of its current models and call it a day as it has been (to considerable effect, mind you) for much of its recent history. It has a new platform under development, a new deal with Mercedes to provide engines and other technologies, and an influx of R&D funds provided principally by its new stakeholder Investindustrial. All of that adds up to a breath of fresh air being blown into the century-old automaker the likes of which it hasn't seen since Ford rescued it from obscurity in the 1990s and gave most of the building blocks it's still using today. ASTON MARTIN LAGONDA LOOKS AHEAD IN CHINA - Asia show debuts for DBX Concept and Lagonda Taraf - Comprehensive product renewal and expansion ahead - Aston Martin underlines commitment to the Chinese market 20 April 2015, Shanghai: Luxury British car brand Aston Martin Lagonda is confidently looking to the future at the 16th Shanghai International Automobile Industry Exhibition, with CEO Dr Andy Palmer leading the company into an exciting new era reaching far into the next decade. For the first time in China the innovative DBX Concept and exclusive Lagonda Taraf were unveiled, spearheading Aston Martin's display at the show.