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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's CEO says that autonomous cars are only a matter of time

In addition to bringing the Aston Martin AM-RB 001 to its first auto show this week, the CEO of Aston Martin, Andy Palmer, revealed his thoughts on the future of cars. And it's a future full of autonomy and electricity. According to our friends at TechCrunch, Palmer said it's a question of when – not if – autonomous vehicles will reach the public. T echCrunch also reports that Aston plans on offering an autonomous Lagonda in the future. For those of us who love driving ourselves, though, there is some good news: Fully autonomous cars are likely well into the future. Palmer told the Toronto Star that he recognizes autonomous driving is a bit antithetical to a sports car company, saying "we're a driver's car, so we're not in a rush to go driverless." He also pointed out a number of issues that personally concern him about autonomous vehicles, and which have him hesitant to pursue autonomous tech on Astons. His primary concern, according to both TechCrunch and Toronto Star, is the issue of security, but he also wants to make sure the technology is truly ready. TechCrunch reports that he said companies need a full understanding of the tech "before we beta test our customers." This statement seems pointed at Tesla, which has often said that its semi-autonomous Autopilot feature is in beta. In addition to discussing autonomous vehicles, Palmer talked about the future of electric cars, which he finds to be bright. He told the Toronto Star that he believes the future of vehicle propulsion has been decided, and that it will be electricity. He pointed to a shift in focus from the German automakers, as well as the Volkswagen diesel scandal as indicators. Palmer suggested that 25 percent of cars will be powered by electricity sometime in the next eight years, but noted this leaves plenty of room for internal combustion vehicles for a while. Related Video:

Aston Martin Valkyrie begins production in dashing green dress

A new era of hypercars is officially born today, as the first production Aston Martin Valkyrie rolls off the line. That’s right, the Valkyrie is officially starting its extremely limited production. The Valkyrie entering production now also means that Aston Martin has beaten Mercedes and its competing hypercar, the AMG One, to production — both cars saw their "debuts" in 2017. Last we heard from Mercedes on that front, the AMG One was still undergoing testing. Updated timing on the carÂ’s production release was not detailed in this announcement that took place over a year ago. Perhaps those who ordered the AMG One have more insight on when their specific cars will be built, but for now, the production car is still floating out there in the ether. Meanwhile, Aston Martin says the first Valkyrie, pictured in green here, is awaiting delivery. Aston does not say who the first owner is or detail the spec of the car, but we applaud the dark green paint chosen. “It is an immensely proud moment for us to complete our first ever hypercar,” Aston Martin CEO, Tobias Moers said. “The Aston Martin Valkyrie program has tested everyone who has worked on it to the limit but the commitment to the dream has produced a truly incredible car, an F1 car for the road.” Production for the Valkyrie is taking place in a special Valkyrie-only area of AstonÂ’s Gaydon headquarters. A small team of technicians spend over 2,000 hours total to build each car, and there will be 150 total Valkyries produced. If you want to know all the nitty gritty details of AstonÂ’s hypercar, make sure to check it out in our previous Valkyrie coverage. And enjoy the sound of its Cosworth V12, too. ItÂ’s downright magical to hear. Related video: