Aston Martin has signed a Memorandum of Understanding (MOU) with technology company LeEco to develop a production version of the Aston Martin RapidE electric vehicle concept. Both the companies have previously worked together, in particular on the new Rapide S model, incorporating the Letv (former name of LeEco) Internet of the Vehicle (IOV) system.

Originally revealed in October last year, the RapidE concept was developed in collaboration with Williams Advanced Engineering. At the time, Aston Martin had revealed plans to partner with ChinaEquity on taking the model to production.

Since the creation of this concept, Aston Martin and Letv have been advancing the work on production feasibility, including the identification of technology solutions for battery systems and powertrains.

LeEco founder Jia Yueting also owns Faraday Future, which showcased its own concept car, the FFZero1, at last month's Consumer Electronics Show  in Las Vegas. The partnership indicates the potential to add a range of next-generation connected electric vehicles on behalf of Aston Martin, LeEco and Faraday Future.

Additionally, Aston Martin and LeEco have announced plans to develop a range of new vehicles before the end of the decade. Both the companies are currently focused on utilising the best technologies from the companies’ portfolios and bringing the RapidE to market in 2018.