Tesla challenger in China plans to debut US$106,000 E-Roadster

One of China’s biggest homegrown automotive design firms is taking the plunge into producing its own electric roadster, seeking to stand out from the gaggle of Chinese electric vehicle startups, as well as Tesla Motors Inc., by making a car with materials found more commonly in business jets and mega-yachts.

Qiantu Motor, set up by car design company Beijing CH-Auto Technology Co., is currently building a factory in the eastern city of Suzhou to produce the electric car with a carbon-fibre body and aluminium frame, Chairman Lu Qun said in an interview. The sports car, K50, is to debut next year with a starting price of about 700,000 yuan (RM432,000), he said, comparable to Tesla’s Model S, which is made of aluminium. The price is about a third of the BMW i8, which also features a lightweight carbon-fibre body that improves performance.

Electric vehicle making is a crowded field in China, with almost every carmaker rolling out models to meet stricter emission and fuel-economy rules in a market that the government has targeted to expand 10-fold from last year to 3 million units by 2025.

The government heavily subsidizes electric vehicle buyers if they buy locally made cars, as much as 100,000 yuan in some cities. Tesla currently doesn’t manufacture in China, though founder Elon Musk said earlier this year that the company was looking for a partner to do so.