Introduction

Even before Chinese automobiles make their mark in the United States, the humble “old man’s joyride” has already carved out its own niche there.

Recently, the Hong Kong Stock Exchange received an H-share listing application from Taotao Vehicle Industry, an automaker. For many, this company may remain relatively obscure. Based in Zhejiang, it specializes in smart electric low-speed vehicles—better known in China as “old man’s joyrides”—targeting the U.S. market.

In China, these vehicles often carry a negative stigma, frequently linked to reckless driving and safety hazards. However, upon arriving in the United States, they have cleverly rebranded themselves as electric golf carts, undergoing a transformation in identity. Now, they are not only a popular choice for leisure travel and community commuting but have also delivered impressive profit margins for Taotao Vehicle Industry.

With a net profit attributable to shareholders of RMB 342 million in the first half of the year, the company outperformed 8 out of 17 passenger vehicle companies listed on the A-share and Hong Kong stock markets, firmly establishing itself in the middle tier of the industry. Its net profit surged by 88.04% year-on-year, second only to Leapmotor, underscoring the strong growth potential of this niche player.

Before Chinese cars break through the U.S. market barriers, the “old man’s joyride” has already taken the lead.

01 Chinese “Old Man’s Joyride” Becomes a Hot Commodity in the U.S.

As winter approaches, the “old man’s joyride,” with its enclosed and warm design, becomes increasingly common on Chinese streets. Whether in agricultural provinces like Shandong and Henan or economically advanced cities like Shanghai, these vehicles are ubiquitous. Some have even been illegally driven into subways, sparking public debate and pushing criticism of the “old man’s joyride” to new heights.

Some netizens joke, “The vehicle with the most road rights is the old man’s joyride.” Their words, while humorous and tinged with helplessness, also carry a hint of sarcasm and disdain. Although some vehicles display license plates, many “old man’s joyrides” do not face the same level of punishment as motor vehicles for traffic violations. Some drivers recklessly disregard traffic rules, disrupting traffic order and posing nuisances and safety hazards to other road users.

Some netizens quip, “The core equipment of the old man’s joyride is the old man himself, a group not bound by law.” Indeed, the “old man’s joyride” can be operated without a driver’s license, and its drivers are mostly elderly individuals without licenses and with relatively weak safety awareness, who have largely not undergone systematic traffic law training or driving skill instruction.

Even more concerning, a minority of able-bodied elderly individuals have used this mobility aid, originally designed for the disabled, as a means of profit by illegally offering passenger services. More dangerously, some of these passenger-carrying “old man’s joyrides” run red lights, drive against traffic, and merge arbitrarily into motor vehicle lanes with passengers on board, posing significant risks to road traffic safety.

It can be said that domestic opinions on the “old man’s joyride” are predominantly negative. However, when exported overseas, its reputation has undergone an unexpected reversal, transforming it into a highly sought-after, cost-effective bestseller.

“Chinese old man’s joyride conquers Americans,” “Chinese old man’s joyride enters the U.S. market, drawing crowds asking for links.” In recent years, such topics have proliferated on short-video platforms, with foreign consumers openly displaying their affection and praise for the Chinese “old man’s joyride.” On some overseas platforms, related unboxing and test drive videos have garnered millions or even tens of millions of views, with some bloggers even comparing it to ultra-luxury car models, highlighting its popularity.

The enthusiastic response from overseas markets has directly fueled explosive growth for related companies. Take Taotao Vehicle Industry as an example; this company, primarily engaged in overseas electric low-speed vehicle business, has successfully opened up the market by aligning its products with the golf cart category in the United States. Especially after entering 2025, its growth trajectory has suddenly accelerated: its net profit in the first quarter was less than RMB 100 million, but it surpassed the RMB 200 million mark in both the second and third quarters, with quarterly profits approaching the annual level of previous years. The cumulative net profit for the first three quarters reached RMB 606 million, far exceeding the total for the entire year of 2024.

This success is not accidental but is built on a keen grasp of structural changes in the U.S. market. In contrast to the intensifying competition and increasingly rational pricing in the Chinese auto market, the U.S. market is witnessing a sustained rise in car prices, creating a unique market opportunity for cost-effective alternative transportation solutions.

02 Auto Exports Face Restrictions, but the “Old Man’s Joyride” Forges Ahead

Although Chinese auto brands are accelerating their global layout, they face high tariffs and entry barriers in the U.S. market. In the first half of 2025, the United States further imposed hefty tariffs on Chinese imports, placing significant pressure on Chinese auto exports. However, in this trade environment, “old man’s joyride” category products have unexpectedly found a development window through their unique positioning and compliant pathways.

The sustained rise in car prices in the U.S. market has created alternative demand for “old man’s joyride” products. Since the imposition of tariffs, the pressure of car price increases has continued to be passed on to the end market. As early as April, automotive data research institutions predicted that tariffs could lead to an average price increase of approximately $10,000 for new cars in the United States. Looking back at this prediction from the vantage point of December, it even seems somewhat conservative.

Data shows that the average transaction price of new cars in the United States has been rising continuously for over a year, surpassing the $50,000 mark for the first time in September 2025, reaching $50,080.

The used car market has followed suit. In just two months from February to April, the average price of used cars in the United States rose from $26,900 to $27,600, a significant increase of $673. More critically, low-priced used cars have nearly disappeared. In 2019, used cars priced below $20,000 accounted for nearly half of the three-year-old used car market, but now this proportion is only 11.5%. Over six years, the price increase for used passenger cars in the United States has reached as high as 48.7%.

The overall high car prices have created a vast market space for golf carts. On one hand, golf carts are significantly cheaper than passenger cars, offering a strong cost-performance advantage. On the other hand, in most U.S. states, golf carts can legally operate in designated areas such as communities and parks, with some models not even requiring registration, featuring an extremely low threshold for use and perfectly meeting the public's short-distance transportation needs.

According to the Global Market Index analysis report, the global golf cart market size was $2.6 billion in 2024, with an expected compound annual growth rate of 8% from 2025 to 2034. From a fuel type perspective, electric golf carts are becoming increasingly popular across various industries due to their low operating costs and minimal carbon emissions. In 2024, the electric segment accounted for over 63% of the market share and is expected to exceed $3.6 billion by 2034.

Domestically, the “old man’s joyride” is often associated with safety and regulatory issues, but in the United States, by positioning itself as a community commuting tool, it has cleverly avoided traditional automotive competition and trade barriers, finding its own niche.

Behind this transformation lies the manifestation of Chinese manufacturing's flexible adaptability, not relying on technological superiority but on a keen capture of market demand and timely adjustment of product positioning. While major auto brands are hindered by tariff barriers, such a seemingly insignificant product has achieved a breakthrough by precisely targeting a niche market.

In today’s increasingly diverse transportation landscape, such stories may continue to unfold. For Chinese manufacturing, this “flexible overseas expansion” capability based on scenario innovation may be precisely the essential wisdom needed when facing complex international environments.

Editor-in-Chief: Shi Ye Editor: Chen Xinnan

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