Aston Martin sets up electric car joint venture with Chinese group

British luxury car brand and LeEco consumer electronics firm to develop car based on Aston Martin Rapide S model

Aston Martin is setting up a venture with the Chinese consumer electronics group LeEco to jointly develop the British luxury car brand's first electric vehicle.

Aston Martin and LeEco said they plan to develop the RapidE electric car based on the British carmaker's Rapide S model, before developing other potential electric vehicles, including for LeEco. Financial terms of the transaction were not disclosed.