Chinese car maker BYD, which is backed by U.S. investment titan Warren Buffett, on Wednesday made its first all-electric car available to private buyers in China.
The BYD e6, launched in the southern boomtown of Shenzhen, where the auto maker is based, will be sold at over 300,000 yuan (about 46,800 U.S. dollars). But incentives to the tune of 120,000 yuan offered by the government to buyers will substantially lower the electric crossover's prices.
The five-seater is equipped with a 75 kw motor and the BYD-developed iron battery, powering the crossover to a range of 186.4 miles on a single charge in urban conditions, BYD said on its website.
The car's projected top speed is 87 mph, said the company, in which Buffett owns a 10 percent stake.
The e6 can save its owner about 75 percent of energy cost compared to ordinary oil-burning vehicles, according to Lian Yubo, the firm's vice president.
It takes 40 minutes to fully charge the e6 using the 100 kw fast-charging cabinet and six hours with a standard 10 kw charging pole, said the company on its website.
The e6 was initially launched to fleet and government buyers last year.