China’s $4,230 Electric Cars Tap Huge Market Tesla Can’t Reach
Illustration: Jo Zixuan Zhou for Bloomberg Businessweek
Chinese factory worker Weng Changqing knew he wanted an electric car before he even had his driver’s license. Living in a small town in eastern China and looking to start a family, he figured the savings on gas and maintenance would allow him to afford to buy his first ride.
He wasn’t in the market for a Tesla Model 3, which starts at about $38,000 in China. Instead, the 37-year-old bought a 66,900-yuan ($10,000) crossover from local electric-vehicle maker Hozon Auto. It’s one of a growing number of vehicles that run on batteries and electric motors gaining popularity in lower-income parts of the country because of their modest prices and lower running costs. (EVs don’t need oil changes, spark plugs, or the various belts that have to be replaced periodically on gasoline cars.)