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Hangzhou to lease 20,000 EVs in two years

HANGZHOU, Zhejiang – Hangzhou is planning to lease 20,000 electric vehicles in two years with the monthly rental set below ¥1,000 ($157), reported

The leasing project will be started since August with 100 two-seater electric cars made by Zhejiang Kandi Vehicles Co., a local manufacturer of special-purpose vehicles.

These electric cars are powered by Li-ion batteries which can ensure a range of 100 km. Top speed is 70 km/h. In summertime the drive range is around 85 km with air conditioning on.

The Kandi EV is priced at ¥90,000. Since Hangzhou is one of China’s five pilot cities that can enjoy purchase subsidy of ¥60,000, the average cost for each car is ¥30,000.

The monthly rental price is said to be between ¥700 and ¥1,000. Suppose the rental is ¥850 for a month, the EV will recover its cost in three years.

The EV charging infrastructure matters most to the development of electric vehicle rental business, said a local official with electricity bureau.

Hangzhou had constructed 5 charging stations, 62 battery swapping and delivery stations, and 620 charging poles by middle June. 

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