Electric cars are ridiculously expensive, especially comparing them to models equipped with a conventional power source. New technology makes costs, regardless of it is produced in Europe or in China. However, electric vehicles needn’t be so expensive, as indicates an example from China. It only depends on how much money the government can give potential buyers.

Chery has announced price of Riich M1-EV – according to China Car Times. Prices are set at 149,900 yuan and rising over five different model specifications.

M1-EV 1 – 149,900 yuan,
M1-EV 2 – 169,800 yuan,
M1-EV 3 – 189,800 yuan,
M1-EV 4 – 209,800 yuan,
M1-EV 5 – 229,800 yuan.

On the power front the M1-EV is a 336V 40Kw power system and takes its juice from 60Ah lithium iron phosphate batteries which will propel the car to a top speed 120kph for a max distance of 150km. For charging, the M1-EV can use 220 volt power and will take 6 to 8 hours to reach a full charge, but at a quick charging system it can be charged to 80% in less than 30 minutes. The EV-1 is shaping up to be a fairly safe car with it having air bags and E-ABS to avoid battery explosions and also has EPS, it also uses recovery braking system to make electricity when its on the road.

Since 1 June 2010, the Chinese ministry of finance announced the start of a two year pilot program that will subside the purchase of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) in five major cities. Residents of Shanghai, Hangzhou, Changchun, Shenzhen and Hefei receive up to 60,000 yuan when buying an EV and as much as 50,000 yuan when buying a PHEV. In this way, the price of Riich M1 has dropped to 89 900 yuan. Moreover, the Shenzhen government provide an additional 30,000 yuan subsidy for hybrid cars and 60,000 yuan subsidy for fully electric cars, so Shenzhen residents can receive a total of 120,000 yuan.

In conclusion, the final price of the base version of the M1-EV model the residents of Shenzhen is only 29,900 yuan, one-fifth of the initial price.

Exchange rates:
1 yuan = $ 0,15USD

Source: China Car Times
Source: Dongguan Today

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