Aston Martin Trims EV Project

Aston Martin Lagonda Ltd. tells Reuters it will cut production plans for its all-electric RapidE luxury sedan by two-thirds after Chinese internet giant LeEco dropped out of the project.

CEO Andy Palmer says Aston Martin now will fund the program itself and build only 155 of the cars—about one-third the original volume. The RapidE (pictured) will retail for £200,000 ($254,400), making it one-third more expensive than the piston-powered Rapide S from which it is derived.

Aston Martin and LeEco (Leshi Internet Information & Technology Corp.) announced in February 2016 they would collaborate to create the EV. The companies also planned to eventually collaborate on EVs for LeEco’s Faraday Future Inc. startup in California.

But last November LeEco founder/CEO Jia Yueting acknowledged his company had over-expanded and was running out of cash. Earlier this year LeEco slashed plans to build a $1.3 billion EV factory for Faraday in Nevada and sharply reduced the brand’s planned model lineup and production targets. Jia stepped down as LeEco's CEO last month.