Toyota Slashes the bZ4X EV Prices in China

Toyota has significantly reduced the price of its bZ4X pure electric SUV in China, only 4 months after the EV was officially launched in the Chinese market. The price of Toyota bZ4X has been slashed by 30,000 yuan ($4,420), bringing the starting price down from RMB 199,800 to RMB 169,800.

According to Toyota, this is a limited-time offer but the automaker did not mention for how long the offer will remain valid. In addition to the price reduction, Toyota is also offering consumers low-interest loan offers and trade-in subsidies of at least RMB 5,000.

Prior to its launch in China, the Japanese safety regulators found in June 2022 that the bZ4X could cause wheel rim bolts to loosen during sharp turns and emergency braking, with the risk of wheels falling off. Toyota then spent months addressing the issue and recalled more than 2,700 vehicles with global production of its first all-electric vehicle coming to a complete halt.

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Now that the bZ4X is on sale for more than 4 months in the Chinese market, the electric SUV is finding it hard to leave the showroom floors. Strong competition from domestic automakers in the world’s largest EV market has impacted the sales of many renowned car makers which are forced to announce massive price cuts.

Related: Toyota Struggles with Lack of Demand for bZ4X EV in Japan

Mercedes and Tesla have also recently announced substantial price reductions in order to lure EV buyers. According to the data, Toyota bZ4X in China sold 1,487 units in December 2022, ranking 70th among all-electric models sold in the Chinese market. Whether Toyota’s latest move will boost bZ4X sales remains to be seen.

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