Investing.com -- Toyota Motor (NYSE:TM) has introduced its most cost-effective electric vehicle (EV), the bZ3X subcompact SUV, in China on March 6, according to Nikkei. This launch marks a significant expansion for the Japanese automaker into the affordable segment of the world’s largest auto market.
The bZ3X is a five-seat sport utility vehicle designed with families in mind. Its starting price is 110,000 yuan, equivalent to $15,000, making it Toyota’s least expensive EV to date. The price point of the bZ3X is roughly 30% lower than that of the bZ3 sedan, one of the three mid-range to high-end EVs Toyota currently sells in China.
This new, more affordable EV is part of Toyota’s strategy to compete with other manufacturers like BYD (SZ:002594) and various competitors in the Chinese market, particularly among price-conscious buyers. The bZ3X subcompact SUV is expected to appeal to a broad range of consumers looking for an affordable and eco-friendly vehicle option.
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