British car manufacturer Ashton Martin is dipping its feet in the electric vehicle market as it is set to release an all-electric Rapide. The battery-powered car was revealed two years ago outside the Lancaster House in Central London. The all-electric Ashton Martin RapidE is set to be released sometime this year.

Automotive News reports that CEO Andy Palmer revealed that the Ashton Martin RapidE will carry on the company's tradition by embodying "power, beauty and soul." According to him, Ashton Martin is joining the bandwagon because eventually the entire automotive industry will shift to electricity. He, however, bared that the company will continue to manufacture luxury cars so as to avoid competition with Tesla Motors, which manufactures all-electric sports car.

Palmer also revealed that as manufacturers shift to electric cars, their costs will continue to decrease as the technology is improved. "You've got to do something radical. Electricity gives you power. It gives you torque." Palmer said in justifying their decision to join the growing electric vehicle market. During the Geneva Motor Show, Palmer said that electric vehicles will help them offset their average CO2 output and help them maintain V12 engines in their sports cars.

Auto Express revealed that the Ashton Martin RapidE will be a four-wheel drive. The batteries will be located in the engine bay rather than in the regular car's 6.0-liter V12. An inverter will be positioned in the boot and electric motors will power the front and rear wheels.

Road and Track reveals that the Ashton Martin RapidE will carry around 800 and 1,000 horsepower giving all that torque that drivers demand from their car. The RapidE could go well beyond the 200 mile range. There are also rumors that Ashton Martin is planning to release a long-wheelbase version of the RapidE and they are targeting the international market.