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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 names new regional chief for the Americas

Aston Martin has named a new president for the Americas region. Starting October 26, the role will fall to Laura Schwab, who joins Aston from rival Jaguar Land Rover. The Louisville, KY native is a graduate of the law school at the University of Kentucky. She worked in the technology sector in Southern California before embarking on a career in the automotive industry, working for JLR in a variety of marketing and communications posts. She has served for the past year and a half as JLR's marketing director, having previously worked in Land Rover's North American office in a variety of capacities. In her new job, Schwab will be responsible for all of Aston Martin's activities in the Americas, including the United States, Canada, Mexico, and South America. She'll be working out of the company's regional headquarters in Irvine, CA, reporting to directly global sales director Christian Marti. Pictured above is the DB10 created for the latest James Bond movie, on display in Monterey this summer. "Laura is an excellent addition to the Aston Martin team. Throughout her career in the automotive business, Laura has demonstrated an ability to implement marketing and retail programs to drive growth," said Aston Martin CEO Andy Palmer in the statement below. "As we embark upon delivery of our six-year 'Second Century Plan' the Americas region offers a considerable opportunity and I look forward to Laura applying her skills to help us grow awareness of the Aston Martin brand in this region." Related Video: ASTON MARTIN APPOINTS LAURA SCHWAB AS NEW AMERICAS REGIONAL PRESIDENT 2 October 2015, Gaydon: Aston Martin is pleased to announce the appointment of Laura Schwab as President for Aston Martin The Americas, reporting to Global Sales Director Christian Marti, effective 26 October. Laura joins Aston Martin from Jaguar Land Rover where she worked most recently as Marketing Director, leading marketing communications, experiential events, sponsorships, product marketing, customer engagement and corporate social responsibility. Based at the company's regional headquarters in Irvine, California, Laura's role as Regional President embraces sales and service, public relations, brand marketing and communications to both Aston Martin's customers and 46 dealers in the region, spanning the United States, Canada, Mexico and South America.

Historic cars — and a Spitfire fighter plane — go on sale in Britain

An assortment of somewhat eccentric but ultimately appealing vintage collectors’ machinery, topped by a 1983 Lancia Rally “Evoluzione” and featuring Porsches, Bugattis and even a Spitfire fighter plane from World War II, will go to auction in Britain next month. The event, organized by the Bonham/Cars auction organization and scheduled for September 9-10, is formally called the “Revival Sale,” to be held on the grounds of Goodwood, site of the famous track southwest of London. Cutting to the chase, hereÂ’s a look at some of the highlights noted by BonhamÂ’s that are expected to attract substantial bidsÂ…plus thereÂ’s the airplane as the cherry on top. —1973 3-liter Martini Racing Works Team Porsche Carrera RSR 'R7' Endurance Racing Coupe (estimated bid, $4.7 million to $7.25 million.). ThatÂ’s quite a name for quite a race car and a veteran of the 24 Hours of LeMans in 1973. The carÂ’s background goes back to the previous year, when Porsche launched its new 911 Carrera model with engine capacity raised from 2.4 liters to 2.7. A batch of 500 lightweight-bodied 911s was built to achieve governing-body sporting acceptance (homologation) of the new variant. Three versions were offered – the RS (RennSport), RST (touring) and the ultimate racing RSR, of which this 'R7' is one of only four such works team cars to have survived. ItÂ’s also one of only a few cars to wear the classic Martini Racing livery with its dark-blue and red striping upon a German-silver background.  —1967 Toyota 2000 GT (estimate: $835,000-$1.1 million) in Pegasus White is believed to be first acquired by the owner of Toyota Mozambique and was one of only two cars imported to the East African country. Known for its precise engineering and impeccable quality, this Japanese halo car was one of only 351 built in 1967-1970. Over the years, the GT's exterior and interior have been preserved and an engine rebuild was undertaken. It was awarded "Best in Show" at the London Concours in 2022. — 1986 Aston Martin Virage Coupe Prototype (estimate: $315,000 - $440,000). This is a two-door prototype of the company's mainstream model of the 1990s, the Virage. In 1990, the vendor received factory approval to strip down the chassis and rebuild it to his 6Â’3” height.