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Aston Martin Lagonda Ltd. is creating a joint venture with Chinese partner LeEco to help bring its first electric car to market in 2018, a move that creates an informal affiliation with Los Angeles-based electric car startup Faraday Future Inc.
LeEco, formerly called Letv, is a primary backer of Faraday, a company with about 500 employees planning to build a factory in the U.S. and sell electric cars in 2017. While Aston Martin, a storied British brand, shares the same backer, it emphasized that is not currently working with Faraday. However, it said in a statement that all three companies may work together in the future.
Speaking about the partnership with LeEco at a join news conference in Frankfurt, Germany, Aston Martin Chief Executive Andy Palmer said: “We’re on the way to creating a joint venture…it will help [bring] a product for Aston Martin EV quicker to market than we anticipated.”
Aston Martin, the sports car brand closely linked with the fictional British superspy James Bond, unveiled an electric prototype version of its Rapide S car in October 2015, the RapidE. The company plans to build the car at its Gaydon factory in the U.K.
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