A month after launching its first all-electric car, Toyota Motor Corp. (TYO: 7203) seems to be working on adding a second electric vehicle to its lineup. The Japanese automaker is reportedly tapping Chinese manufacturer BYD Co. Ltd. (SHE: 002594) to work on a more affordable model set to take a slice of the Chinese electric vehicle market.
Reuters reported that sources relayed Toyota will be partnering with BYD for its lithium-iron-phosphate (LFP) Blade batteries and engineering expertise.
The new electric vehicle is anticipated to be priced at US$30,000, below the premium lines like Tesla Model Y or Nio ES6 but above China’s best-selling electric vehicle Hong Guang Mini which starts at US$4,500.
A Toyota spokesperson did not confirm the news when sought for comment while BYD declined to comment, according to Reuters.
It is expected that the electric car model will be unveiled at the next Beijing auto show, slated to be the second model in the carmaker’s BZ electric vehicle line.
Information for this briefing was found via Reuters. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.