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British luxury car maker Aston Martin, struggling with poor performance, has announced plans to raise £500 million from an investment group led by Canadian millionaire Lawrence Stowe and receive funding from China’s geography. According to the new plan, Aston Martin will first focus on vehicles with gasoline engines and freeze development of the Rapide E, which was being prepared as the first electric vehicle. In addition, the plan to revitalize the luxury car brand for EVs and hybrids, Lagonda, will be postponed after 2025.
It was in 2015 when Aston Martin first announced plans for the Lapide E. However, Faraday Future, the EV division of LeEco in China, which decided to jointly develop an electric sports car in addition to providing funds, canceled the alliance after falling into a business crisis. For this reason, the Rapide E was changed to a small-scale production plan of limited to 155 units and aimed to be released in 2019.
However, it did not proceed as planned, and in January 2020, Eston Martin announced that it would eventually abandon the marketing of Lapide E and reduce the R&D project. In addition, WAE, which had partnered for the development of Rafide E, is reportedly sold to an investment company from the Williams Group, which peaked at the Williams F1 team at the end of 2019. Related information can be found here .
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