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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 has another mid-engine supercar in mind

It seems Aston Martin is really gaining some valuable knowhow from Chief Technical Officer Max Szwaj, who has moved in from Ferrari. Having worked on mid-engine Ferraris for years, Szwaj is now focusing on mid-engine Aston Martins, such as the upcoming Valkyrie. The limited-edition car, its name revealed at Geneva, is co-developed with Red Bull. But it likely won't be the only mid-engine future Aston. Talking to Autocar in Geneva, Aston's CEO Andy Palmer said the Valkyrie is "important in establishing Aston as a credible maker of mid-engined models." The Valkyrie is the first since the one-off Bulldog prototype built in 1979. It could spawn a mid-engine companion in 2021, a rival to the Ferrari 488 GTB and McLaren 720S, and would possibly receive valuable engineering input from Red Bull's Adrian Newey, a famed F1 engineering legend. The Valkyrie would remain a limited-production halo car, as only 175 will be built and each will cost $3 million – but it seems lessons learned from it would be used to craft a significant mid-engine supercar. What is especially remarkable about the Valkyrie is that its development has been completely virtual up until now, and the first prototype cars will commence road testing later in the year.Related video:

Aston Martin CEO dreams of an electric future for James Bond

With an endless stream of leggy models, futuristic weapons, and a dashing wardrobe, James Bond can rightfully be associated with indulgence. But his car of choice may soon take on a more ecologic bent by way of electric motor and some batteries. So says Andy Palmer, who is predicting an electric vehicle in Bond's future. EVS are 'almost as inevitable as death and tax.' - Andy Palmer Palmer, of course, is CEO of Aston Martin. As he said in a recent interview with CNBC, mass adoption of electrified vehicles is "almost as inevitable as death and tax," and that will extend to Bond – James Bond – as well. Take a look at CNBC's one-minute video clip with Palmer here. The fictional character has been linked to Aston Martin since the third James Bond film, 1964's Goldfinger. In it, the spy, then played by Sean Connery, drove an Aston Martin DB5. Most recently, Aston Martin built James Bond's DB10 especially for the 2015 film Spectre. The lure for the spy would be less the environmental statement and more the fact that electric cars have a ton of torque and can take off like a shot, says Palmer. He should know, having joined Nissan in 1991 and playing a key role in the development of the Nissan Leaf. He also pushed Nissan to add an electric powertrain to the Infiniti LE with the goal to do so by 2014, but by that year he'd left Nissan for Aston Martin. As for the UK automaker, it said last year that it was working with investment firm ChinaEquity on fitting the Aston Martin Rapide with an electric powertrain by 2017, and the car may have as much as 1,000 horsepower, too, which should be plenty for Bond. The company may also be working on an all-electric DBX SUV.