Economy, Auto

Aston Martin Seeking EV Partner in China

Aston Martin Seeking EV Partner in ChinaAston Martin Seeking EV Partner in China

Aston Martin is seeking a joint venture in China to help break into the world’s biggest market for EVs, CEO Andy Palmer said.

While Aston Martin does not have plans to produce EVs bearing the UK company’s badge in China, it is seeking collaboration to share its lightweight materials and aerodynamic technologies with the Chinese partner as China looks to improve the performance of EVs, Palmer said.

Talks are underway with established automakers and startups, the CEO was quoted as saying by Automotive News Europe.

By 2030, Aston Martin has said it expects that EVs will account for 25% of its sales, with the rest of the lineup expected to be hybrids. But, unlike rivals, the supercar maker is not able to rely on a large parent company to help fund the move to greener technology.

Chinese battery maker Contemporary Amperex Technology, or CATL, is among a list of battery suppliers Aston Martin is considering for its first electric sports car, the RapidE, Palmer said. Some specific regulations from China on batteries have given a competitive advantage to local suppliers. The RapidE sedan is due to go on sale in 2019 and will be limited to 155 units. As the auto industry transforms rapidly toward EVs and autonomous cars, major manufacturers are bracing for challenges including billions of dollars in investment with uncertain payoffs.

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