Aston Martin has set up a venture with Chinese technology group LeEco to jointly develop the British luxury car brand’s first electric vehicle, which could come to market in 2018.

“It brings Aston Martin’s electric car project forward. We anticipate bringing it to market in 2018, ” Aston Martin Chief Executive Andy Palmer said at a news conference in Frankfurt on Wednesday.

The partners plan to develop an electric car based on Aston Martin’s Rapide S model.

Separately, the new joint venture plans to collaborate with Faraday Future, the start-up electric car venture backed by Chinese billionaire Jia Yueting, the companies said.

(Reporting by Edward Taylor; Writing by Ludwig Burger; Editing by Georgina Prodhan)

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