Dragon Rise partners with CATL and others to launch the right-hand drive electric taxi "Hongqi E-QM5," arriving in Hong Kong next year with a promotional price of HKD 288,000 and a 99-second rapid battery swap

Dragon Rise Group Holdings (6829) subsidiary Dragon Rise New Energy announced that it has reached strategic cooperation with multiple partners to launch the world's first right-hand drive battery-swappable new energy taxi "Hongqi E-QM5" in Hong Kong. The new vehicle features a rapid battery swap technology that takes 99 seconds, with deliveries planned to start in April 2026, and has already received about 300 intention orders. Dragon Rise aims to upgrade approximately 6,000 taxis in Hong Kong to battery-swappable electric taxis within 5 to 6 years, accounting for one-third of the total, and plans to build about 30 battery swap stations.

Two Sales Options: Vehicle Shell Fee of 188,000

The partners in this collaboration include battery company CATL (3750) subsidiary "Times Electric," automotive import and export company "FAW Import and Export," and battery swap operation company Times Xiaoju. Dragon Rise indicated that the "Hongqi E-QM5" offers two sales options, including a full vehicle purchase priced at 288,000 HKD, which includes the battery and an 82,000 HKD package covering free battery swaps for a year and extended battery maintenance; and a battery rental option, with the vehicle shell priced at 188,000 HKD and a first-year battery monthly rental discount price of 999 HKD.

Taxi Drivers Swap Batteries 1 to 2 Times Daily

The battery swap system equipped in the new vehicle can complete a rapid battery swap in 99 seconds, with a fully charged battery allowing for a range of 500 kilometers, sufficient to meet the daily operational needs of taxi drivers. Dragon Rise New Energy CEO Huang Zhao pointed out that taxi drivers typically need to swap batteries about 1 to 2 times a day, with each swap station equipped with at least 13 batteries for circulation to ensure uninterrupted service.

Eight Battery Swap Stations in Hong Kong by End of Next Year

Dragon Rise will establish battery swap stations and networks for the "Hongqi E-QM5" project in Hong Kong. Huang Zhao stated that the battery swap stations in Fanling and Tsing Yi have already been completed, and the Ma On Shan station is about to start construction, with 3 swap stations expected to be in service by March 2026, increasing to 8 by the end of next year, and at least 14 swap stations to be established across Hong Kong by 2027.

According to the plan, each swap station can initially serve 100 battery-swappable vehicles, with an expected wait time of no more than 10 minutes. Huang Zhao emphasized that to ensure service quality, they will not blindly expand the order volume and must ensure that the number of swap stations is sufficient to avoid excessively long wait times due to insufficient stations.

Battery Swappable Taxi Drivers Expected to Save 270,000 Annually

According to the company's calculations, after deducting government subsidies for electric taxis, vehicle owners who choose the battery rental model can save at least 120,000 HKD. When considering the annual operating costs, battery-swappable taxi drivers can save up to 274,000 HKD compared to traditional fuel taxis.

Monthly Fee of 4,999 HKD Planned from 2027

Dragon Rise plans to implement a membership-based monthly fee model for battery swap services starting in 2027, priced at 4,999 HKD per month. Huang Zhao stated that this pricing is comparable to the current operating costs of liquefied petroleum gas taxis, and in the future, they will also introduce usage-based charges and bulk discount plans, compatible with the battery swap needs of various private vehicles.

In terms of after-sales service, the vehicle offers a 5-year or 500,000-kilometer factory warranty, extendable to 800,000 kilometers. Currently, there are 10 authorized repair points in Hong Kong, with the 10,000-square-foot repair center in Tsuen Wan set to open in February 2026