Toyota Motor will release an electric sedan at the end of 2022, developed jointly with the Chinese manufacturer BYD Auto. The spacious and affordable model will be sold only in the Chinese market, Reuters writes.
Sources close to the project described it as the "holy grail" for Toyota, which has been trying for years to come up with an electric car for China with a competitive price and an acceptable level of comfort.
The cost breakthrough is attributed to the use of lithium iron phosphate (LFP) Blade Batteries from BYD. Such, in particular, are used in the Han EV sedan. Their advantages include a low risk of fire upon impact and deformation of the battery module.
LFP batteries have a lower energy density than lithium-ion batteries, but they are cheaper to manufacture, have a longer life cycle, and do not contain cobalt or nickel.
Toyota's new electric car is expected to be slightly larger than the familiar gasoline Corolla. One source described it as "a Corolla with an enlarged rear". A demonstrator prototype will be unveiled at the Beijing Auto Show in April, with production to begin a few months later in 2022. The novelty will become part of the Toyota bZ series of electric vehicles, although it will only be sold in China.
The base price of the electric sedan is expected to be less than 200,000 yuan in China.
A Toyota spokesman declined to comment on information about the upcoming new product.
Toyota and BYD started working together on a sedan in 2020. The Japanese company now maintains a team of two dozen engineers in Shenzhen who work side by side with about 100 BYD colleagues.
In 2022, Toyota will launch an electric car based on Chinese BYD technology
