Chinese electric vehicles are now for sale in Canada.
Lotus, owned by China’s Geely Group (GELYF), has shipped its first Eletre electric vehicle to Canada. The premium SUV is the first Chinese-built vehicle available for sale in Canada.
However, the Lotus electric vehicle comes with a steep price tag. The cost to buy it in Canada ranges from $119,000 for a basic model to $159,000 for a fully loaded edition.
Lotus claims the car can drive more than 600 kilometres on a single battery charge. The vehicle enters Canada for sale following a deal struck with the Chinese government earlier this year.
The agreement allows up to 49,000 Chinese electric vehicles to enter the country each year at a 6.1% tariff rate.
Global Affairs Canada says that 2,910 electric vehicles from China have now arrived in the country, though not all of them are on sale yet.
Lotus currently has six dealerships across Canada but says that it is looking to expand now that the Eletre is available for sale.
Chinese automotive companies BYD (BYDDY/BYDDF) and Chery (CRAUY) are also expected to enter the Canadian marketplace this year and put their electric vehicles up for sale.
Geely’s stock has risen 16% in the last 12 months to trade at $2.46 U.S. on the over the counter (OTC) market.
Tech Insider
