Aston Martin is seeking a joint venture in China to help break into the world’s biggest market for EVs, CEO Andy Palmer said.
At this time Aston Martin doesn’t have plans to produce EVs bearing the U.K. 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 said.
Aston Martin has said by 2030 it expects EVs will account for 25 percent of its sales, with the rest of the lineup expected to be hybrids.
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.
On Wednesday, Aston Martin announced a five-year trade and investment drive worth more than £600 million ($856 million). The company currently sells the Vantage in China.
