Toyota Slashes bZ3 Price in China Even Before Sales Started

In an EV (electric vehicle) market as humongous as China’s, a new electric sedan by Toyota is nothing less than a drop in a pond full of big fish. The production of bZ3 commenced in China in March 2023, and it is scheduled to go on sale on April 16.

Toyota began presales of bZ3 for 189,900 yuan ($27,500), however, the newly announced retail price is $3,000 less as the prices will now be starting at 169,800 yuan ($24,500). Some dealers in China are reportedly offering a 154,800 yuan ($22,500) price tag bringing the discount to as much as $5,000.

Related: BYD, FAW & Chery Joins Price War in Chinese Car Market

This is to prepare for the ongoing price war in the Chinese car market which will make it quite tough for the bZ3 to compete against the established rivals.

Toyota bZ3 EV in China

Toyota’s bZ3 is its first electric sedan, proving just how far behind the Japanese automaker is. Toyota missed the EV bandwagon in China as they continued to concentrate on hybrids and to make matters worse, they relied on HEVs rather than PHEVs. Toyota had to purchase a lot of technology from other companies as they tried to get in and hasten the development process.

Related: Toyota to Readjust its EV Strategy to Compete with Tesla and BYD

Toyota resorted to BYD for assistance, which is why the bZ3 contains a lot of BYD technology, such as the 65 kWh LFP Blade battery, electronic control system, and electric motor offered by BYD’s subsidiary Fudi Industrial.

The bZ3 is Toyota’s only second fully electric model after the bZ4X EV SUV which was launched in China in October and received a major price cut in February 2023. Some dealers are reportedly offering a ‘Buy One Get One Free’ offer to lure buyers into opting for Toyota’s EV. Whether there will be a similar move to market the bZ3, only time will tell.

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