SHANGHAI – Shanghai Automotive Industry (Group) Corp. (SAIC) recently launched its first battery electric vehicle product, the Roewe E50, at around $37,600 in an effort to crack the private consumer market, reported auto.sina.com.cn.
Roewe E50 buyers in Shanghai are likely to receive a saving of ¥100,000 ($16,000) thanks to government subsidies and an upcoming local policy on waiving license plate fees.
The vehicle has both quick and slow charging modes and has a drive range of up to 190 km on a full charge. The top speed is 130 km/h.
The Roewe E50 is a product of three years of independent research and development work at SAIC, which holds all the intellectual property rights to the battery car.
Batteries of the E50 are manufactured by Shanghai Jiexin Power Battery Systems, Ltd., a joint venture between SAIC and American company A123 at a participation ratio of 51:49.
The central financing will provide up to a ¥60,000 incentive on the purchase price to buyers of battery-powered cars, and the Shanghai municipal government is offering a subsidy of up to ¥40,000.
Further policy incentives include free license plates to owners of electric vehicles.
SAIC is finalizing plans to offer discounts on group purchases by businesses, according to Shen Ling, public relations manager of the company’s new energy department.
Shen said the company has set no sales targets for the new model. But SAIC chief engineer Ling Tianjun said in August that it expects to sell 1,000 E50s next year.