Aston Martin Lands Chinese Investment for EV

Aston Martin Lagonda Ltd. has signed a £50 million ($77 million) deal with venture firm ChinaEquity to help it produce an all-electric version of its Rapide sport sedan.

ChinaEquity already holds a stake in the British carmaker through its holding in Aston Martin’s largest investor, Italy’s Investindustrial.

CEO Andy Palmer notes that China’s corporate average fuel consumption rules dictate that carmakers average 5 liters per 100 km (56 mpg) by 2020. “If we want to continue selling V-12s, we need a low-emission option,” he says.

The electrified Rapide, to be called the RapidE, is scheduled to go on sale worldwide at the end of 2017. Palmer, who previously estimated the EV will be priced between $200,000 and $250,000, says the company is aiming for an electric powertrain that will generate at least 800 hp. The system will be developed by U.K.-based Williams Advanced Engineering, a unit of the Williams Formula 1 racing team.

Palmer says Aston Martin also plans to develop electric powertrain options for its upcoming DBX crossover vehicle expected in 2019 and perhaps the large Lagonda sedan due later.