It’s not easy to break into the world’s largest EV market, but Aston Martin fully intends to try. That market would be China, but instead of building EVs with an Aston Martin badge in the country itself, the goal is to find a collaborate partner. Automotive News reports that Aston Martin CEO Dr. Andy Palmer is “seeking a Chinese partner to share its lightweight materials and aerodynamic technologies with” as the country continues to improve the performance of EVs.
Turns out Palmer is already having discussions with established Chinese automakers, suppliers, such as battery maker Contemporary Amperex Technology (CATL), and other start-ups. At the moment Aston Martin does not have an EV, but that will change once the RapidE electric sedan goes on sale next year. However, it will be limited to a mere 155 examples. That’s nothing compared to what Aston Martin has planned long-term. It has already stated its goal to have EVs account for 25 percent of its sales by 2030, while the remaining 75 percent of vehicles will be hybrids. You may be asking yourself right about now why can’t Aston Martin develop EV technologies on its own?
Why does it need a partner? The answer is that Aston Martin does not have a major parent company to rely upon for R&D funds. At the moment, Aston Martin is privately held, though it is said to be considering an IPO but that has yet to be finalized. Just last week Aston Martin announced a massive five-year trade and investment deal with China worth more than $850 million. The goal of that deal, quite obviously, is to expand into the world’s largest automotive market. Last year saw fantastic brand growth, 89 percent to be precise, due in large part to the new DB11. This year the all-new Vantage will go on sale worldwide and will surely be a solid source of profit.
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