Internet

Aston Martin Hits The Brakes On LeEco Electric Car Deal

Cooperation between luxury British sports car manufacturer Aston Martin and Chinese Internet company LeEco has been ceased due to non-technology-related reasons.

Commenting on the news, LeEco's public relations department said that they were confirming the latest progress of the cooperation with executives from LeEco's automobile business.

LeEco and Aston Martin signed an agreement on February 17, 2016 and the two parties reached a memorandum of understanding to set up an electric car joint venture in Frankfurt, Germany.

At that time, LeEco said that Aston Martin would be responsible for providing the vehicle technology for RapideE; while LeEco would be in charge of the powertrain and Internet of Vehicles technologies. However, information from an insider close to the board of Aston Martin revealed that the cooperation between LeEco and Aston Martin only stayed at the level of intention and was not implemented. The insider also revealed that the suspension of cooperation is not because of technology reasons and it is instead because of LeEco's lack of investment.

In March 2017, Aston Martin announced its financial report for 2016, stating that its sales in China set a new record. During 2017 Shanghai Motor Show, Aston Martin launched four new cars. But it seems like none of the future cars will have a LeEco emblem.

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