This Wednesday on February 17th 2016, Aston Martin just entered an agreement with a Chinese company to create a new luxury electric car. This is just another example of China’s seriousness in entering as a major force in the upcoming electric car market. Aston Martin is the famed luxury car maker that is best known for creating the iconic James Bonds cars. The Chinese firm in question is a Beijing based technology firm called LeEco. The two companies have teamed up together to create the car called RapidE, an electric car that should be hitting the markets by 2018.
LeEco is an interesting company that was founded and is being led by Yueting Jia, a Chinese billionaire who has also created Faraday Future, an electric vehicle startup that has just started up in some Los Angeles suburbs.
The partnership between these two companies is a joint effort that could also be shifted over the Faraday Future Company as well with a creation of a new vehicle.
The company’s mission is that it is dedicated to building electric and smart cars that are well connected to the environments around them that they operate in. The company chairman Ding Lei said “We have been targeting the highest standard in the auto industry in terms of design, R&D and manufacturing of our electric cars.”
Foundation of the Deal
LeEco was originally called Letv and it started out as a video streaming company. They provided an ecosystem that goes over smartphones and all sorts of media for entertainment. Last month in Vegas at the Electronics Show in Las Vegas the company unveiled a concept electric car.
This partnership is shifting into a new paradigm as it shows how Chinese companies are not only supplying the parts for the car but also getting involved in the more technical high tech aspects of creating a vehicle too.
A Chinese consulting firm said that this partnership is a great example of how Chinese companies are able to not only offer the technology for the vehicles in China but on a worldwide scale.
Aside from the Ashton Martin deal other companies are also looking to import some of their car models from Chinese factories. One of these companies is General Motors that is taking their Buick Envision and hybrid version of the Cadillac CT6.
Both of these cars were shown at the most recent North American International Auto Show out in Detroit.
China’s reach into the electric market comes at a time when the sales in their own country is growing. Plug in hybrids and electric cars are becoming the next wave of what’s in, in China.
The types of cars that are being produced in China are no longer cars that are sub par but up to standard with some of the greatest vehicles produced in the entire world. The quality is growing and it is due to Chinese consumers wanting more of the best and that includes the new electric and renewable market.