Toyota Unveils Bozhi 3X in China, a Cheap Advanced Smart EV

https://primexbt.investments/start_trading/?cxd=459_549985&pid=459&promo=[afp7]&type=IB

Toyota has begun selling its Bozhi 3X, a smart electric car with advanced features similar to its local rivals in China, for highly competitive prices.

The top Japanese carmaker wants to attract buyers and regain market share in the world’s largest auto market.

Toyota has had limited success so far with its previous electric vehicle (EV) models in a hugely competitive market dominated by local players such as Chinese EV giant BYD.

ALSO SEE: China’s Trade Drops in First Two Months Even Before Tariffs Hit

It began taking orders for its latest — and much cheaper — model, the Bozhi 3X (Bz3X), on Thursday.

Toyota and its Chinese partner, state-owned Guangzhou Automobile Group (GAC), had first unveiled the car at an autoshow in Beijing last year.

More than 10,000 orders were received within an hour of the launch, Peng Baolin, a vice president of sales at GAC Toyota, said on his Weibo social media account on Thursday.

The price for models with navigation capabilities similar to Tesla’s full self-driving version starts at 139,800 yuan ($19,297.66). The less advanced version is priced at 104,800 yuan ($14,480), making it Toyota’s cheapest EV in China.

GAC Toyota declined to comment on questions regarding export plans and how profitable the model would be, given the low pricing.

The smart version is equipped with an Orin X chip, a lidar and Momenta’s smart driving software, which is comparable to peers.

A long-running price war in China’s EV market entered a new phase last month after BYD said it would offer advanced driving-assisted features on several models, including those priced below $10,000, for no extra charge.

The Bz3X is a five-seat sports utility vehicle aimed at families. Its starting price of around 110,000 yuan ($15,000) is 30% cheaper than the bZ3 sedan, one of three midrange high-end EVs Toyota sells in China, Nikkei said.