DENZA – a joint venture between German and Chinese carmakers Daimler and BYD – plans to sell its first electric car in China for CNY369,000 ($59,200). The car will go on sale in the country in September and will qualify for local subsidies of up to CNY120,000 ($19,200).

Daimler and BYD set up DENZA in 2010 to produce electric vehicles (EV) for the Chinese market. The venture’s first vehicle was unveiled at the Beijing Auto Show and uses a lithium iron phosphate battery capable of providing up to 300km of electric driving range. The company claims driving 100km in a DENZA will cost customers less than CNY20 ($3.20) to charge and drivers will be able to check their vehicle’s charging status and location using DENZA’s Android and iOS apps.