Nobody wants a used electric vehicle in China, unless it’s a Tesla

Echo Huang
Nobody wants a used electric vehicle in China, unless it’s a Tesla

China loves a used Tesla as much as it loves a brand-new one. Five years after the market for new electric vehicles took off in China, a fledgling used-car market is forming around the close to 3.5 million EV cars (link in Chinese) already sold, and Tesla looks set to rule it. A Tesla’s residual value—basically the future value of a car after a certain amount of use—at one year is more than 70% of its original price, far higher than the value of any Chinese EV model at the same mark, according to an August report from a Chinese automobile industry group studying leasing and resales.