Hell-bent on reducing their reliance on fossil fuels, countries around the world are determined to replace their vehicle fleets with zero-emission electric vehicles (“EVs”). Most of these countries are looking to gradually phase out the sale of internal combustion engine (“ICE”) vehicles over the next decade or two, but one factor stands in the way of widespread EV adoption. Most electric vehicles on the market are far too expensive for ordinary consumers, and some governments have taken to offering subsidies and tax rebates to make electric vehicles more affordable.
However, one EV model that definitely won’t need the government’s help to sell is the Coradir Tito. Produced by Argentinian company Coradir, the name Tito is a callback to the company’s founder Alberto Tito Corapi. The compact vehicle packs a whole lot in quite a small frame for only $15,000, or 300,000 Mexican pesos.
Individuals who purchase the vehicle during the pre-sale launch will be granted a 20% discount, reducing the cost of the EV down to $12,000 (250,000 pesos). With Tesla’s (NASDAQ: TSLA) cheapest EV model, the basic version of the Model 3, going for around $48,000, or 969,900 pesos, this means the Coradir Tito is worth just a quarter of Tesla’s cheapest electric vehicle.
While buy the Argentinian EV in pre-sale may cost substantially less, it’s important to note that the Tito, unfortunately, lacks important safety features such as airbags, stability control (“ESP”) and an anti-lock braking system (“ABS”).
Despite missing these security features, the Tito is still packed with plenty of features. Seating four people max, it is equipped with a 10-inch LED screen, power window lift, a folding rear seat, remote lock and backup camera, among other valuable features. The Tito is powered by a lithium-ion battery pack with a range of 100 kilometers (62 miles) and a top speed of 65 kilometers (47 miles) per hour. Additionally, it will take Tito’s battery, which has 2,000 charge and discharge cycles, around eight hours to fully charge on a 220v 50hz household outlet.
At the moment, only 50 units of the Argentinian electric vehicle are available for reservation, and they will be delivered within an estimated four months. However, note that the Tito currently cannot be driven on public roads in Argentina. According to the company behind the Coradir Tito, it is still undergoing the government approval process; it expects to receive a Model Configuration License by the end of the month.
As more innovations, such as charging EVs as a service offered by Ideanomics Inc. (NASDAQ: IDEX), enter the electric vehicle space, the popularity of these new vehicles is set to grow.
NOTE TO INVESTORS: The latest news and updates relating to Ideanomics Inc. (NASDAQ: IDEX) are available in the company’s newsroom at https://ibn.fm/IDEX
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