The deal extends the existing collaboration between the two companies and will see the duo work in partnership to design and manufacture the new RapidE.
The project sees the two companies explore how Aston Martin can take an existing production vehicle and create an all-electric sports sedan.
Aston Martin CEO, Dr Andy Palmer, said: “Aston Martin are dedicated to developing a range of cars with low emission technologies.
“We have been encouraged by the project speed and technical depth shown by Letv in the development of the RapidE concept towards full production.
“Bringing the RapidE to market by 2018 is an important milestone for both companies.”
Both companies are now focused on bringing the RapidE to market in 2018 utilising the best technologies from the companies’ portfolios.