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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.

Aston Martin deal with Red Bull means F1 tech for Vanquish

Aston Martin and Red Bull Racing made no secret that their AM-RB 001 hypercar (rendering above) would use Formula One tech, but the cutting-edge motorsports knowledge will also trickle down to more accessible Aston Martin vehicles. "Some of the technologies we are developing with Red Bull Technologies and Adrian [Newey] will undoubtedly flow through to the next Vanquish," Aston Martin CEO Andy Palmer told Drive. He thinks the model's price is high enough to allow the use of F1 tech. "I am particularly interested in structural carbon fiber and KERS type technology that you could easily see working in that car," said Palmer. The AM-RB 001 is due for 2018, and the new Vanquish would come afterward. Aston Martin and Red Bull hope their hypercar project sets benchmarks in the class. "The McLaren F1 is the perfect analogy of what we're trying to do - bring Formula One to the road in a genuine and authentic manner," Palmer told Drive. He claims that simulations already show the AM-RB 001 could lap Silverstone quicker than an F1 car. For context, the slowest qualifying time in the British Grand Prix last year was a 1:39.377 lap around the nearly 3.7 mile track. With projects like the hypercar, the next Vanquish, and the latest DB11, Aston Martin has a busy launch calendar over the next few years. A next-gen Vantage is in the company's plans, and there's the DBX crossover, too. The British sports car maker also wants to do two limited-edition models a year, like the Vantage GT12 and Vulcan in 2015. The vehicles for 2016 and 2017 are still mysteries, but 2018 would bring the electric Rapide and the AM-RB 001, according to Palmer. When combined with Mercedes powertrains and technology in future models, the company hopes to appeal to more customers. Related Video:

Aston Martin CEO calls Tesla Model S 'Ludicrous' mode stupid

To be fair, some would say paying as much as a quarter-million dollars for a car in itself qualifies as "ludicrous." But the CEO of Aston Martin, a company that is readying a pricier electric-vehicle competitor to the Tesla Model S, didn't mince words in discussing Tesla's newest gizmo that can propel the sedan from 0 to 60 miles per hour in less than three seconds. In fact, Andy Palmer, Aston's CEO, prefers a slightly more balanced approach. Palmer was quoted in Automotive News as saying that Tesla's Ludicrous Mode was "stupid." He added that he'd rather have an electric vehicle that could last "a few laps of a decent race course" instead of one that does its best imitation of a Dodge Challenger Hellcat. Palmer also took to his Twitter account to note, among other things, that the Aston's "insane mode comes as standard - no button required." Aston Martin said earlier this week that it planned to make a battery-electric variant of its Rapide Sedan. That model will have 800 horsepower as well as a 200-mile single-charge range. The car will also cost between $200,000 and $250,000, or about twice the cost of a top-of-the-line Model S. As for the Tesla, its Ludicrous mode was announced last month for the Model S and it will eventually be added to the Model X for those who are big on flipping SUVs. Tesla said that the feature cuts the sedan's 0-60 mpg time to a tidy 2.8 seconds, though the option does cost about $10,000. Which is probably about the price of an Aston Martin door handle. Featured Gallery 2015 Aston Martin Rapide S View 32 Photos News Source: Automotive News (subs req'd) Green Aston Martin Tesla Electric ludicrous mode