Tesla has a new rival in China. One of the country's biggest automotive design companies, Qiantu Motor, is planning to release its $106,000 electric roadster dubbed K50.
The sports car is said to be built with materials that are usually found in mega-yachts and business jets.
Qiantu Motor's Chairman Lu Qun told Bloomberg in an interview that the firm is presently building its very own factory situated in the eastern city of Suzhou in an aim to manufacture the K50 car that will sport an aluminum frame and a carbon-fiber body.
"We are learning from Tesla as well as all the other electric carmakers," said Qun. "We are aiming at building high-performance cars, and there's no other option but to build our own factory, because there isn't a plant in China that has a carbon-fiber molding workshop."
The company's e-roadster is believed to come out in the coming year. It will carry a price tag of roughly 700,000 yuan or around $106,000.
The K50 is poised to take on Tesla Model S, which is built with aluminum.
So will Qiantu succeed in its aim to compete against Tesla in the electric vehicle arena?
Steve Man, an analyst based in Hong Kong, told Bloomberg that the firm's success will mainly depend on the firm's reputation and marketing.
He went on to say that in order to build "a consumer standing that is time-tested," Qiantu will have to devote a lot of capital and patience.
"[Let's] see if it has staying power," said Man.
Produce Cars For Other Companies
Qun further said that the company intends to manufacture vehicles for other firms. Moreover, he shared that Qiantu's factory will have a 50,000-vehicle capacity at first.
The company expects that by 2020, it will have a share of 15 percent of the EV market or equivalent to 450,000 cars.
Qiantu has also plans to follow up K50 with two more affordable electric vehicles.
Qun said that the company's goal is to persuade customers that China has the capability of coming up with "a new car brand, a new premium car brand, and a new premium pure-electric car brand."
This feat, according to Qun, can be achieved in a step-by-step manner.
