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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.

Kahn Design to reveal Aston Martin Vengeance in Geneva

The major automakers won't be the only ones with new metal to showcase in Geneva next month, so will aftermarket tuners and coachbuilders like Kahn Design. The British outfit is rolling into the Swiss expo this year with the long-awaited Vengeance, its own take on the Aston Martin DB9. We first caught wind of the Vengeance project in May – just after a similar project by Henrik Fisker was quashed. But unlike the proposed Fisker Thunderbolt, Kahn secured Gaydon's blessing in developing the Vengeance: "Aston Martin has entered into a supply agreement with Kahn Design," AML spokesman Kevin Watters confirmed to Autoblog at the time, "and will supply a very limited number of DB9s for an extensive coachbuild conversion." The design, as you can see, bears the familiar hallmarks of a contemporary Aston, but rendered more aggressive in a style that looks similar to the manufacturer's own One-77. It won't be the first such coach-built Aston Martin we've seen, but most of the others to date have resulted from a longstanding collaborative effort between the British automaker and famed Italian carrozzeria Zagato. Another recent project saw Bertone convert a Rapide into the Jet 2+2 shooting brake in a revival of the Vanquish-based Jet 2 from 2004. In a bit of a role reversal, Aston served as something of a coachbuilder itself in rebodying the Toyota/Scion iQ as its own Cygnet, having previously outsourced production of the Rapide to contract manufacturer Magna Steyr. Alongside the Vengeance, Kahn plans to display the Flying Huntsman 6x6 pickup based on the Land Rover Defender at the Geneva Motor Show. It will be joined by a customized red Range Rover and blue Range Rover Sport done up as pace cars, and a widebody Jeep Wrangler from its Chelsea Truck Company division. Related Video:

Aston Martin reportedly picks out a name for DBX SUV: Varekai

It seems a distinct possibility that the name of Aston Martin's upcoming SUV will not remain "DBX," as it has been known. The British Autocar reports that the manufacturer has earmarked the name Varekai for it, which would certainly tie in nicely with the company's earlier V-named products. The word Varekai comes from the Romani language, meaning "Wherever," and for a go-anywhere SUV it would be more than suitable to have a nomad name. However, while Aston has applied to trademark the name, it would not comment on the name's authenticity when asked by Autocar. The SUV, no matter what it will be called, will be manufactured in a new facility in St Athan, Wales. The factory is based on an old air force base, and it will bring up to 750 new jobs to the area when it is brought online. Last month, Aston Martin said the first phase of the facility's construction is now complete, and the SUV will start production in 2019. The powerplants for it will be V8 and V12 engines, as well as a hybrid and an all-electric drivetrain in development. Related Video: News Source: AutocarImage Credit: Aston Martin Rumormill Aston Martin Crossover SUV Electric Future Vehicles Hybrid Luxury Performance