Toyota, a pioneer in hybrid vehicles, has a long way to catch up with competitors when it comes to fully electric cars. Now, the company is finally launching an affordable electric car, in partnership with China's BYD.
According to a Reuters report Friday, Toyota is planning to launch a small electric sedan in China "late next year." To build the vehicle, Toyota has partnered with Chinese automaker BYD, which provided key engineering know-how and its lithium-iron-phosphate (LFP) Blade batteries, which are less bulky than typical car batteries, Reuters' sources claim.
The car itself will be slightly bigger than a Toyota Corolla, sources claim, with one saying it will be like a Corolla with a roomier back-seat section. Toyota is planning to officially unveil the new car at the Beijing auto show in April, and it will likely be launched under Toyota's bZ series of electric cars. The first car in the series was the Toyota bZ4X, a futuristic electric SUV, which will hit the market in 2022.
A key feature of the new vehicle will be the price, which will reportedly be under 200,000 yuan ($30,000) in China. Notably, Tesla, which is the world's largest manufacturer of electric cars, doesn't have a car in that price segment. It won't be the cheapest electric car in China, though; those honors belong to the Hong Guang Mini EV, which starts at $4,500. It's unclear whether the car will be launched outside of China.
Toyota declined to comment on Reuters' story, simply saying, "Toyota considers battery electric vehicles as one path to help us get to carbon neutrality and is engaged in the development of all types of electrified vehicle solutions."
