But before you get excited, this electric sedan will start production before the end of the year just for the Chinese market, at least initially. For you to know, China is one of the world’s largest electric vehicle markets besides the US and Europe.
The electric sedan will wear the bZ3 badge and is the result of a partnership with Chinese automaker BYD. The Chinese auto giant will supply Blade lithium batteries that are up to 4 inches (100 mm) slimmer than conventional battery packs. Its slim size allows it to fit into a conventional sedan-shaped car.
According to a Reuters report, the new car will be built at the Tianjin plant jointly operated by Toyota and China’s FAW Group, with a production capacity of 30,000 units per year.
Toyota itself has not officially recognized the project. One of the Reuters sources suggested selling for around RMB 200,000, which equates to just $28,000. By comparison the cheapest Tesla Model 3 available in the country currently costs 279,000 ($38,665).
Reuters sources said Toyota was supposed to reveal the compact sedan in April at the Beijing Auto Show, but was forced to cancel due to the Covid pandemic. The bZ3 will be roughly the same size as the Toyota Corolla and offer extra rear seat space.