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The Tesla Model 3 is no longer the best-selling electric car in the world. In the first 2 months of 2021, an unfamiliar model from China with a very long name, Hongguang Mini EV, usurped the throne of the “darling” of the Tesla family, becoming the best-selling electric car in the world with sales of 36,000 respectively. units in January and 20,000 units in February 2021. Notably, Hongguang Mini EV is only sold in the Chinese market.
Why does an “anonymous” car have such an impressive sales volume?
Electric car with the same price as Honda SH
The answer lies in its price tag. The Hongguang Mini EV is priced at the equivalent of $ 4,500 for the standard version, while its upgraded air-conditioning system costs more than $ 5,000.
Compared to Tesla’s car, the Mini EV lags behind in everything from battery, range to performance, but its low price makes it the best-selling new energy vehicle in a nation of billions. .
Launched last year, the Hongguang Mini EC has a top speed of just 100 km / h, a total length of less than 3 meters (2.92 meters), nearly 1.5 meters wide but still has enough room for 4 people. The vehicle’s safety features include anti-lock braking system, tire pressure monitoring system, parking sensor. The car is also fully equipped with power windows, stereo speakers. This model uses an electric motor block of 13 kW, for a capacity of 17.4 horsepower, 62.7 Nm of torque.
“The Chinese government is serious about minimizing environmental pollution and wants to be a leader in the electric vehicle industry.“Shaun Rein, managing director of China Market Research Group, told the BBC. To stimulate demand for electric vehicles, the Chinese government announced free license plates and warranty support for electric vehicles.” Meanwhile, in many Chinese cities, it can take months, even years, to get a license plate for used fuel vehicles, through a series of different auction systems.
In the second half of 2020, Hongguang Mini EV reached sales of 112,000 units, behind the Tesla Model 3, but it jumped in early 2021. Information from China shows that the alliance to produce the Honghuang Mini EV (called Wuling) already has a plan to sell products abroad. According to the BBC, Wuling spoke with a manufacturer in Latvia to sell the car in Europe. Its expected selling price could double due to local environmental standards.
“A pioneer in China’s electric vehicle revolution”
“You can laugh at the picture of the car. I haven’t had the privilege of testing it either, but the Hongguang Mini is a lovely car“Wrote Forbes’ Kim Collins.”Over $ 4,000, try it, Elon Musk“, he added.
Follow Forbes, cars like the Hongguang Mini EV are something the market lacks in the current electric race. Cars are consumer products. Selling price plays an extremely important role.
According to Yahoo Finance, the target customer of Hongguang Mini EC is a first-time car buyer who wants a cheap car to move around in urban areas. “In the next five years, we will see Chinese electric vehicle supply chains aggressively attack overseas markets“, CNBC quoted analyst firm UBS.”We believe that the cost of materials in China is cheaper than in any other country. If these costs are maintained, China will have a huge advantage over its competitors“, UBS said.
Even though the team selling price has doubled, the electric car “made in China” is also much cheaper than any product from Western manufacturers. Remember, Tesla’s cheapest electric car can cost up to $ 35,000.
Of course, it will not be able to storm the market like in China because users here prefer large models, more traditional designs. Its limited range also makes weekend outings more difficult. However, it can become the second car in families, serving the needs of urban mobility.
Currently, nearly 80% of all electric vehicles sold in Europe are concentrated in six Western European countries with the highest GDP in the world. In the first half of 2020, sales of electric vehicles in Europe increased 57%, while the entire automobile market decreased 37%.
Reference sources: Forbes, BBC, Yahoo Finance
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