BAIC E150 EV to make market debut by end of 2012, eligible for savings of 120000 yuan

Gasgoo.com (Shanghai May 31) - At the recently concluded China Beijing International High-Tech Expo, state-owned manufacturer BAIC showed off a slew of new electric vehicles. The Beijing News, citing statements made at the event, reported today that the displayed BAIC E150 electric car will be making its market debut by the end of this year. The E150 EV has been operating in taxi fleets in Beijing's northeastern counties of Miyun and Pinggu since mid-April. According to the report, the E150 EV will be eligible for subsidies from the central and regional governments, allowing buyers to save up to 120,000 yuan ($18,940).

The E150 EV (pictured) is a pure electric version of BAIC's own brand E150. It boasts a maximum speed of 120 km/h and can be driven up to 150 km on one charge. Charging time for the battery is between six and eight hours. BAIC has signed an agreement with the Beijing Electric Power Company to build personal charging posts for E150 EV owners who possess their own garages.

In addition to the central and local governments granting subsidies of 60,000 yuan ($9,470) each, the E150 EV is also exempt from the city's monthly registration plate lottery. However, its relatively high price is still an issue of concern. According to various reports, due to its high production costs, the E150 EV will be priced above 220,000 yuan ($34,725), making it much more expensive than its gasoline powered counterpart. Even with both subsidies, the car will cost at least 100,000 yuan ($15,784).