Toyota Unveils Its Cheapest Smart EV in China to Gain Market Share

Japanese automobile manufacturer Toyota has introduced its cheapest smart electric in China this week, aiming to see an increase in local sales. The newly unveiled Toyota EV offers advanced tech features and cutting-edge design innovation to rival Chinese automakers, as the brand has constantly raised efforts to gain significant market share in the world’s largest automobile market.

Toyota has seen little success with its existing electric car models in China, which local players, including BYD, primarily dominate. Considering it, Toyota unveiled its all-new but also very affordable electric car, the Bozhi 3X, on Thursday.

Toyota and its Chinese partner, state-owned Guangzhou Automobile Group (GAC), previously unveiled this car at an auto show held in Beijing last year. Within an hour of launch, the automaker received over 10,000 orders, Peng Baolin, VP of Sales, GAC Toyota, informed on social media.

The price of this new Toyota electric car, with similar capabilities to Tesla’s full self-driving version, is available at a starting price of 139,800 yuan (AED 71,000). In contrast, the entry-level, less advanced version comes at the showroom price of 104,800 yuan (AED 53,500), making it Toyota’s most affordable electric car in China.

The high-spec variant of the Toyota Bozhi 3X receives an Orin X chip, a lidar, and Momenta’s smart driving software. However, the top EV brand in China, BYD, recently announced its advanced driving-assisted features on several models, including those available below the $10,000 price range, without adding any extra cost to buyers.

Therefore, despite launching the affordable EV, Toyota GAC has to work together on developing a sustainable and growth-focused strategy to survive and gain momentum in the EV segment of China’s automobile market. There are no updates on how this affordable EV will be launched in other markets, including the UAE.