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LeTV's SEE Project will introduce new EV in Shanghai

It's very unlikely that many people here in the states will have heard of Beijing-based LeTV. Aston Martin, on the other hand? That's pretty stylish company. LeTV is working on an electric-vehicle project called SEE (Super Electric Eco-system). The concept version is slated to debut at the Shanghai Motor Show next April. LeTV says that that same month, the car will "roll of the production line," as well. That sounds awfully optimistic, to us, but we'll just leave that alone for now. The racing-car-shaped vehicle, which will have "high- and low-powered" versions, is about 11'5" long and 5'4" wide. That's about a foot shorter and a few inches narrower than a Mini Cooper. The twist, such as it is, comes from the fact that LeTV says it will develop the model with the help of both Aston Marin and BAIC Motor Corp., which adds a shade of legitimacy to the project. Aston Martin is in the process of launching its battery-electric Rapide sedan, which will have 800 horsepower and a 200-mile single-charge range, so that would ostensibly be a competitor to Tesla. The Rapide EV could run as much as $250,000. As for BAIC, is has been looking to expand its role in the plug-in vehicle sector since 2009, when it debuted a division called Beijing New Energy Automotive Co. Just last month, BAIC opened an electric-vehicle research and development center in California's Silicon Valley, the company's first outside China. You can take a look at LeTV's press release below. LeTV Partners With Aston Martin to Deliver Next Generation Electric Vehicles BEIJING and BANGALORE, October 6, 2015 /PRNewswire/ -- The most significant (monetarily) deal that came out of Angela Merkel's visit to India was that of a Euro 1 billion solar power fund solidifying India's stance to develop 100GW solar capacity by 2022. These are positive moves in a time when the focus on the effects of climate change are intensifying and how economies across the globe decide to combat the effects of it. One particular way in which India could benefit hugely from alternative fuels is from the perspective of vehicles. The nation recently joined the Electric Vehicles Initiative, a forum for global cooperation on the development and deployment of Electric Vehicles (EVs). With an interest in the Indian market, LeTV, a multinational company based in Beijing, announced its electric car plan on December 9th, 2014, when its founder, Mr.

Mercedes-Benz to boost stake in Aston Martin to 20%, lend it some tech

Daimler unit Mercedes-Benz is to lift its stake in Britain's Aston Martin to up to 20% by 2023, making it one of the struggling British carmaker's largest shareholders, Aston said on Tuesday. Aston Martin, popular for being James Bond's carmaker of choice, has suffered a torrid time since it went public two years ago, with its shares losing two-thirds of their value this year. The 107-year-old firm hired Tobias Moers, former CEO of Mercedes-AMG, as its new boss from August. Aston said the increase in Mercedes-Benz's stake, from 2.6% currently, would take place in several stages as part of a wider issue of 250 million shares at 50 pence each. The stock issued to the German group will have a maximum value of 286 million pounds ($372.7 million), it said. The deal will see an existing supply agreement between the two firms, in place since 2013, expanded to give Aston Martin access to key Mercedes' technology, including hybrid and electric drive systems. "We take another major step forward as our long-term partnership with Mercedes-Benz AG moves to another level, with them becoming one of the company's largest shareholders," said Aston's chairman and biggest shareholder Lawrence Stroll. The German firm will get the right to nominate one non-executive director to Aston Martin's board after its first shareholding increase, the London-listed firm said. Aston, which has started deliveries of its first sport utility vehicle, the DBX, said on Tuesday it swung into an adjusted core loss of 29 million pounds in the third quarter, versus a profit of 43 million pounds last year. Revenue in the period nearly halved to 124 million pounds, it said. Aston Martin is targeting annual capex of 250 million pounds to 300 million pounds per year between 2021 and 2025. It envisages production volumes of about 10,000 units, revenues of about 2 billion pounds and adjusted core profit of 500 million pounds by financial years 2024 or 2025.

UK car output falls 14% in March, may get worse with no-deal Brexit

LONDON — British car output fell for the 10th month in a row in March, hit by a slowdown in key foreign markets, and the sector stands to suffer a lot more if the country leaves the European Union without a deal, an industry body said on Tuesday. Output tumbled by an annual 14.4 percent to 126,195 cars in March, the Society of Motor Manufacturers and Traders said. Exports, which account for nearly four out of every five cars made in Britain, were down by 13.4 percent. The SMMT said analysis it had commissioned predicted output would fall this year to 1.36 million units from 1.52 million in 2018, assuming London can secure a transition deal with the EU. If Britain has to rely instead on World Trade Organization rules for its trade with the bloc, which include import tariffs, output is forecast to fall by around 30 percent to 1.07 million units in 2021, returning to mid-1980s levels, the SMMT said. The forecasts were produced for SMMT by AutoAnalysis, a consultancy. Prime Minister Theresa May has secured a delay to the Brexit deadline until Oct. 31, giving her more time to try to break an impasse in parliament over the terms of Britain's departure from the EU. Foreign minister Jeremy Hunt traveled to Japan earlier this month to try to persuade the Japanese government and Toyota, which has a big presence in Britain, that London was determined to avoid a no-deal Brexit. "Just a few years ago, industry was on track to produce 2 million cars by 2020 — a target now impossible with Britain's reputation as stable and attractive business environment undermined," SMMT chief executive Mike Hawes said. "All parties must find a compromise urgently so we can set about repairing the damage and diverting energy and investment to the technological challenges that will define the future of the global industry." (Reporting by William Schomberg, editing by David Milliken)