Chinese electric car manufacturer BYD Co. Ltd. (01211.HK, 002594.CN) said it makes vehicles for the mass market whereas rival Tesla Motors Inc. produces rich man’s toys for a small group of customers, Shanghai Securities News reported Wednesday, citing chairman Wang Chuanfu. This year will be pivotal for new energy cars and for BYD which will enter the Shanghai market in March with its Qin model. Buyers will enjoy 65,000 yuan (US$10,713) in government subsidies. Qin is priced at 209,800 yuan but buyers will end up paying about 100,000 yuan after subsidies and other incentives, Wang was quoted as saying. He expects the new energy car market to take off when Qin sells 10,000 units, the report said. Tesla has entered the mainland with its Model S electric sedan, reporting brisk orders for the first 200 units.
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