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Aston plans Tesla-fighting 800-hp electric Rapide

Aston Martin is taking direct aim at the top versions of the Tesla Model S with a plan to launch a battery electric Rapide sedan boasting 800 horsepower, all-wheel drive, and a 200-mile range within the next two years. Company CEO Andy Palmer confirmed the vehicle's development to Automotive News during the Pebble Beach Concours d'Elegance. A test mule to engineer the powertrain was already on the road, Palmer asserted. The electric Rapide would join the internal combustion version, rather than replace it, and the BEV would likely remain a niche product with just a few hundred per year carrying a price between $200,000 and $250,000. Palmer indicates the model would prioritize performance. "I think that the fact that you could drive a few laps of a decent race course or race it around the Nordschleife is much more interesting than doing 500 meters in Ludicrous mode," he said to Automotive News, taking a swipe at Tesla's latest upgrade. Palmer has referenced the electric Rapide before. Earlier this year, he said that power would be a major priority for it. Aston Martin has also received help on the project from an undisclosed Silicon Valley partner, but Palmer said the collaborator wasn't Tesla. "If you want to keep making V12 engines, then you've got to do something at the opposite end of the spectrum," Palmer said about the company's strategy to Automotive News. The Rapide is just the first step in the brand's electrification, and the DBX is also under development for the next decade in EV, plug-in hybrid, and internal combustion versions. The crossover concept debuted at the 2015 Geneva Motor Show as an EV.

Aston Martin announces $306M in funding to build DBX, 'other new luxury vehicles'

Aston Martin has just gotten one step closer to building a crossover, as the British outfit has secured a 200-million-pound (about $306 million at today's rates) infusion of capital from its leading shareholders. The money will allow Aston Martin to develop "a new vehicle based on the DBX concept," although just how closely the production model will adhere to the concept's styling is unclear. Andy Palmer, the company's CEO, also hinted at other models being added, thanks to the funds. "This additional long-term funding, will enable us to add extra model lines and broaden our presence in the luxury market segment by the end of the decade. The DBX concept has generated interest far beyond our expectations," Palmer said in the attached statement. "The additional investment announced today will allow us to realize the DBX and other new luxury vehicles that will form the strongest and most diverse portfolio in our history." It's unclear what these "other new luxury vehicles" will include. Previous reports have indicated a Lagonda-badged replacement for the aging Rapide will be added to the range, although considering the age of the rest of Aston Martin's lineup, it's a safe bet that at least some of this money will also be put towards vehicles beyond the new CUV and sedan. Scroll down for the full press release from Aston Martin. Related Video: ASTON MARTIN LAGONDA ISSUES GBP200 MILLION FUNDING FOR PRODUCT EXPANSION • Investindustrial and Tejara Capital led a further GBP200 million in investment capital in the form of preference shares • Enables production of DBX luxury crossover, building on range of iconic luxury sports cars • FY 2014 revenues of GBP468 million and adjusted EBITDA of GBP66 million announced 30 April 2015, Gaydon: Aston Martin Lagonda today announced that with the leadership of its major shareholders, it has arranged additional committed funding of GBP200 million, enabling the 102-year old luxury sports car manufacturer to develop significant new luxury models that will drive the future of the company under its strategic business plan. The additional capital investment comes in the form of GBP200 million of preference shares; GBP100 million of which were issued on 29 April 2015 with the remaining GBP100 million – already subscribed for - to be issued in the next twelve months, and will further expand the previously announced investment plan. This major investment in new luxury models is at the core of Aston Martin's strategic vision.

Disgraced Chinese supplier claims it has been wronged by Aston Martin

In what could be called a case of carma, the Chinese plastic supplier that forced Aston Martin to recall about 75 percent of its production since 2007 now says that it has lost about most of its customers and is facing financial ruin. Shenzhen Kexiang Mould Tool Co. produced the accelerator pedal arms for most Aston Martin models out of a counterfeit plastic and may have to close its factory due to the scandal. Shenzhen Kexiang claims no wrongdoing in the affair, saying the whole matter was caused by Aston Martin not fully understanding its supply chain. Its general manager Zhang Zhi Ang told Automotive News: "This whole situation is caused by Aston Martin." According to the automaker, its supplier, Fast Forward Tooling (HK) of Hong Kong, hired the molder as a sub-contractor to supply the part. Initially, Shenzhen Kexiang claimed to have never been contracted by the Hong Kong company, but later admitted that it wasn't sure if it made the parts because it worked for so many contractors, according to Automotive News. Aston Martin found that the accelerator arms were produced from a counterfeit form of the DuPont plastic that it had requested for its sports cars. Initially the recall covered 689 2012-2013 vehicles but further research indicated that it went back as far as November 2007 for some models. Aston Martin says it will replace the throttle assemblies on the affected vehicles and that there have been no reported accidents or injuries caused by the counterfeit plastic.