Aston Martin partner LeEco falls into financial difficulty

LeEco, the Chinese technology giant that is working with Aston Martin on its electric RapidE model (pictured below), has fallen into financial difficulty following a period of "uncontrolled" growth.

The company, which has also worked with Faraday Future on its FFZERO1 and produced its own autonomous vehicle concept called the LeSee (pictured above), is headed up by billionaire Jia Yueting.

To help improve the financial situation and emphasise his commitment to the firm, he has cut his salary to 1 yuan (about 12p) per month.

In a letter addressed to his employees, Yueting said: “we blindly sped ahead, and our cash demand ballooned.”

LeEco's partnership with Aston Martin to produce the British brand’s first electric production vehicle, the RapidE, began earlier this year.

Aston Martin told Autocar that LeEco’s financial woes will not impact its model's development, however.

“Work continues as planned between Aston Martin and LeEco on the RapidE project with production scheduled for 2018," a spokesperson said. "Aston Martin sees alternative powertrains as having a fundamental role in its second century.”

LeEco is yet to reveal how the situation will affect its ambitions for the car industry, which include transforming the car from a transportation method into a more diverse tool used in all ways of life.