The global decarbonization process has opened a window for sustainable investments. The electric vehicle industry is one of the many innovative projects attracting the attention of capital. Big companies are looking for opportunities in this sector. Major economic blocks are abandoning internal combustion engines to make way for electric motors.
Apple recently announced its intention to bring its own electric car to market. The company claims that it is superior to the Model Y of the major player in the market. The Aito M5 is a car that runs on both electricity and fuel, as Richard Yu, chief executive, and CEO of Huawei Consumer, announced Thursday. The company could bring the product to a market that is still dependent on oil since the car would run on fossil fuels. The electric car industry has a whole list of competitors.
The hybrid car will go on sale in February 2022, which will coincide with the Chinese New Year. CNBC reported that the price of the Aito M5 will be around $39,000 in China. The Model Y’s starting price is indicative of the company’s penetration strategy. The same can be said for Chinese company Nio, which recently announced that its electric sedan will go on sale in September for more than fifty thousand dollars. The sedan, which will ship in March, has a starting price of $70,300.
Yu noted that the Aito M5 has more range and maximum power than the Model Y. “You’ll know whether it’s premium or not by the sound of it,” the company’s CEO said. The Aito M5 will be the first model based on the HarmonyOS operating system and will feature a touchscreen that will allow for music and movie playback. These features are in line with a new trend in the industry where cars play the same role in society as smartphones do today. Some of the company’s smartwatch models will be able to be used as a car key.