Aston Martin CEO Andrew Palmer addresses the media during the 85th International Motor Show in Geneva, March 3, 2015. (Photo : Reuters)
Aston Martin, the car brand best known for its association with James Bond, is turning to China for additional technology for its supercars.
In a deal expected to be announced on Monday, Aston Martin will partner with Chinese online entertainment company LeTV as part of its campaign to integrate high-end Chinese technology into its vehicles.
"There are some things, particularly in the technology space, where China is moving very quickly," Aston Martin CEO Andy Palmer said on Saturday, adding that the company has already formed relationships with various Chinese suppliers over the past six months.
"That really helped put our arm around Chinese technology," Palmer said.
LeTV, a Chinese manufacturer of Internet-enabled televisions and smartphones, earlier announced in 2014 its plans to make its own line of electric cars.
In a statement, LeTV CEO Yueting Jia said that they will collaborate with Aston Martin in developing smart auto systems.
"The partnership between LeTV and Aston Martin marks a new step of LeTV's globalization strategy," Jia said.
In-car entertainment will be the focus of the collaboration, a spokesman from Aston Martin said without elaborating.
Palmer said that Aston Martin is also interested in developing electric vehicles and that China, seen to be the world's largest electric car market, is also home to companies that understand how such vehicles are relevant to Chinese car buyers.
"If you have a vehicle coming out that needs to appeal to Chinese customers, then we need to understand what kind of tech is being used," Palmer said, adding that China is an important market for Aston Martin.
Aston Martin has had a poor performance in China, with average annual sales of around 250 cars since 2012. The brand also drew widespread criticism in the country the previous year when it blamed a defect that led to a recall on a Chinese supplier.
Amid these setbacks, the company plans on increasing sales to more than 500 cars annually over the next six years, by which time global sales are also foreseen to increase to around 7,000 cars from the current average of 4,000.
Aston Martin's planned crossover vehicle and executive large sedan are expected to significantly contribute to its growth in China, the company said.
The British luxury carmaker currently has 15 dealers in China and plans to expand to more than 20, said Michael Peng, head of Aston Martin's China business.
