Toyota bZ4X price cut by 15% in China; it is much cheaper there than here
Toyota bZ4X price cut by 15% in China; it is much cheaper there than here
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After more than a year of seemingly constant price hikes and premiums on new electric vehicles, many automakers have started cutting prices. Tesla rolled back some of its recent price hikes earlier this year (and has gone up and down a bit since then), followed by Ford with the Mustang Mach-E and others. Toyota is now on board, but only in China, with price cuts for the all-new bZ4X electric SUV.
CarNewsChina reported that Toyota has reduced the base price of the bZ4X by $4,300 in China. The 15% drop brings the starting price to the equivalent of $24,800, making the SUV significantly cheaper than the $42,000 American buyers pay. The publication also noted that for an additional $2,800, buyers could upgrade with a solar charging module that adds nearly 1,100 miles per year of range.
Chinese buyers are very interested in electric vehicles, which accounted for 20% of the vehicle market there last year. Toyota holds a quarter of 1% of the action, so the price cuts are understandable. The Chinese market is packed with companies like Geely, BYD, Tesla, Xpeng and others offering multiple electric options, although Japanese automakers are generally quite popular in the country.
Toyota has been slow to bring new electric models to market as outgoing CEO Akio Toyoda is a proponent of exploring multiple zero-emission vehicle pathways. The automaker is offering a hydrogen fuel cell vehicle in California, and company executives have said on numerous occasions that they believe hybrids and plug-in hybrids are necessary to bridge the gap to an electric future.
New CEO Koji Sato could accelerate Toyota’s EV development. He has already pointed out that the automaker’s time has come to accelerate the development of new electric vehicles. That means state governments in the United States could force Toyota’s hand. California, Washington, New York and several others have plans to ban the sale of new gas vehicles by 2035, so the time has come to get on board with new electric vehicles.
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