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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.

UK electric motor maker YASA expands production 50-fold for EVs

LONDON — British electric motor manufacturer YASA said on Thursday it was increasing its production capacity from 2,000 to 100,000 units with a new factory to tap into growing demand from carmakers for greener technologies. Automakers are racing to build greener vehicles and improve charge times in a bid to meet rising customer demand and air quality targets but Britain lacks sufficient manufacturing capacity, an area the government is building up. Last year, the government picked a site in central England to house a new automotive battery development facility, which will develop the processes required to manufacture the latest battery advancements. On Thursday, YASA, based near the English city of Oxford, said it had raised another 15 million pounds ($21 million) as part of its expansion. "Our customers are looking to adopt innovative new technologies such as YASA's axial-flux electric motors and controllers in order to meet the needs of the rapidly expanding hybrid and pure electric automotive market," said Chief Executive Chris Harris. The firm exports 80 percent of production and has worked with companies including Britain's two biggest carmakers Jaguar Land Rover and Nissan as well as Aston Martin. JLR will decide this year whether to build electric cars in its home market, previously citing factors such as pilot testing and support from science and government as pre-requisites. Reporting by Costas PitasRelated Video:

Dany Bahar plans Aston Martin shooting brake at Modena-based tuner

You can't keep a good man down, or so the saying goes. The jury may still be out on whether Dany Bahar was a good thing for the automotive industry – with some portraying him as an overambitious opportunist and others pitting him as a genuine car guy against the bean-counters – but he's not about to stay down for long. Bahar, for those unfamiliar, was a top executive at Red Bull, serving as right-hand man to Dietrich Mateschitz right around the time that the energy drink company was getting into Formula One and NASCAR. He was then poached by Ferrari to serve as its commercial chief and brand director before taking up the reins as CEO of Lotus. Things didn't go quite so well for him there after new owners fired him, accused him of misappropriating company funds and canceling just about every one of his ambitious (or perhaps overambitious) projects to take Lotus into the modern age. But now he's back on his feet. According to Car and Driver, Bahar's new project is a tuning house and coachbuilder called Ares. Similar to an outfit like Mansory (with which Bahar, incidentally, fostered close ties while at Lotus), Ares is out to make high-end vehicles like the Range Rover Sport, Rolls-Royce Wraith and Lamborghini Huracan that much more unique. But the biggest project Ares is planning to undertake is to turn the Aston Martin Rapide S and Bentley Continental GT into shooting brakes for wealthy customers. Ares wouldn't be the first outfit to do so, Bertone having made a wagon version of the Rapide and Touring having offered an extended-roof Continental. But to show he's not messing around, Bahar has assembled a top team at Ares. Wolf Zimmermann, who worked for Mercedes-AMG before becoming Bahar's R&D chief at Lotus, is handling the technical aspects. 24-year-old Romanian designer Mihai Panaitescu, who is said to have worked on those aborted Lotus projects, is handling the style aspect. And the whole outfit is being based in Modena, Italy – the city that is home to outfits like Pagani, Maserati and nearby Ferrari. Predictably enough, Ares will launch initially in China, Russia and the Middle East, but reportedly plans to make it to the US sometime early next year. Featured Gallery 2014 Aston Martin Rapide S: First Drive View 32 Photos News Source: Car and DriverImage Credit: Copyright 2014 Drew Phillips / AOL Aftermarket Aston Martin dany bahar aston martin rapide s