Word: costly
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Dates: during 2000-2009
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...battery. Lishen manufactures the $12,000 battery as part of its pioneering joint-venture deal to build and sell an electric car in the U.S. and, eventually, China. The idea is simple - Lishen, one of the biggest battery manufacturers in the world, provides hardware manufacturing at a reduced cost, while its American partner provides the sales smarts and high-tech expertise. "It's a product of Sino-U.S. cooperation," says Liang. "[Coda] did market research and provided funding, and we were in charge of the power system." It's the sort of globalized relationship that has worked for countless...
...polluted air. At the same time, Chinese battery companies like Lishen and Shenzhen-based BYD are looking to leverage their technology and leap into electric cars. Foreign automakers may have a century-long head start on conventional cars, but Chinese companies can compete on new electric technology today - on cost and on performance. "When it comes to electric and hybrid cars, China is challenging the automotive industries in the Western industrial countries," writes Wolfgang Bernhart, a consultant with Roland Berger who estimates that electrics and plug-ins could account for more than half the auto market in China...
...powered engine, the first electric vehicles might feel like a letdown. Most Chinese drivers will be on their first cars, and won't have memories of Thunderbirds and Corvettes as they make their selection. An electric car, if priced well, might seem like a smart choice, especially as the cost of gas rises again. "The Chinese customer is just getting off a bike, so they're not worried about not being able to drive six hours without a recharge," says Philip Gott, a director for automotive consulting at research firm IHS Global Insight. "China has the chance to work...
China's Great Advantage There will be kinks. Chinese customers are likely to be just as sensitive to price as American ones, if not more so - and even China's low-cost manufacturers have yet to figure out how to make a reasonably-priced battery. Then there's the question of infrastructure. Few Chinese live in houses with easy access to plugs to power their cars, and there is little infrastructure ready for public charging. But none of that takes away China's late-starter advantage. Chinese companies don't have a hundred years of auto manufacturing to unlearn before...
...increasingly favored renting. House prices went up and up while rents stayed relatively flat, meaning you could get a lot more bang for your buck by choosing a lease over a deed. Now, with the housing market in a pulp, the tables are turning. Choe's most recent rental cost him $1,500 a month. His new mortgage payment, for a same-size house, is $1,570 (after a 20% down payment). "Not a bad deal," he says - especially considering that once Choe takes into account the money he saves on taxes by deducting his mortgage interest, his new payment...