A small Chinese startup wants to jumpstart a global EV taxi revolution
Briefly

A new battery-swapping kiosk in Hong Kong allows for quick replacement of depleted taxi batteries in under three minutes. U Power, a startup from Shanghai, plans to expand this network across the city. Currently, electric vehicles represent only 4% of Hong Kong's commercial vehicles, with taxis being even less prevalent. Owners have financial incentives to switch, such as lower maintenance costs and government subsidies, but there is hesitancy among drivers. Despite significant savings, only 90 out of 18,163 licensed taxis in Hong Kong are electric, indicating a slow adoption rate.
Electric motors, with fewer moving parts than internal combustion engines, are cheaper to run and maintain. Studies suggest fuel costs for EVs are more than 70% lower than for gas-powered vehicles.
In Hong Kong, electric vehicles make up just 4% of the city's 119,000 commercial vehicles, including taxis, buses, and delivery vans, with only 90 electric taxis as of December 2024.
Battery-swapping kiosks, like the one in Hong Kong, can replace a taxi's depleted battery in under three minutes, providing a quick solution to charging challenges.
The Hong Kong government has waived first-time registration taxes for electric taxis and granted a subsidy of 45,000 HKD per vehicle to operators who switch from gas to electric.
Read at Fortune Asia
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