Toyota has a long way to go to catch up with competitors when it comes to fully electric cars. In partnership with China's BYD, the company is launching an affordable electric car.
Toyota is planning to launch an electric car in China late next year, according to a report. Toyota and BYD have collaborated to build a vehicle that is less bulky than other cars, according to sources.
Sources claim that the car will be slightly bigger than the Toyota corolla, with one saying it will be like a roomier back-seat section. The new car will be unveiled at the Beijing auto show in April, and will likely be part of Toyota's bZ series of electric cars. The Toyota bZ4X is an electric SUV that will hit the market in 2022.
The price of the new vehicle in China will be less than $300,000. The world's largest manufacturer of electric cars doesn't have a car in that price segment. The cheapest electric car in China is the Hong Guang Mini EV, which starts at $4,500. It's not clear if the car will be launched outside of China.
Toyota declined to comment on the 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."
