China’s LeEco cooperates with Aston Martin to develop electric vehicle

China’s LeEco and Aston Martin yesterday signed a Memorandum of Understanding (MOU) towards the establishment of a joint venture of which both sides would take up 50% percent of shareholdings respectively.

The partnership will see the two companies working together in developing, manufacturing and selling electric vehicles in the future. More cooperation will be involved later on. Aston Martin will provide technology while LeEco and Faraday Future will perform the service of Internet of the Vehicle (IOV) system.In addition, models of Aston Martin will be sold on the e-commercial platforms of LeEco.

According to the partnership, in addition, Aston Martin will manufacture vehicles and workasanengineeringserviceprovider for LeEco in the future. Meanwhile, Aston Martin will utilize its experience in producing high-end vehicles to help LeEco develop new models.

The first model developed by this partnership will be the Aston Martin RapidE which is also the first all-electric concept of sport sedan created by Aston Martin. RapidE is expected to be put into mass production and brought to market in 2016.

The partnership between LeEco and Aston Martin was first created in April 20th of 2015, and a Memorandum of Understanding was signed on December 3rd to expand the existing cooperation. Since then, a range of projects have been involved in the partnership including developing and manufacturing Internet electric vehicles.