Toyota is apparently working with BYD to produce a new completely electric car for the Chinese market. The electric automobile will apparently be somewhat larger than the Corolla with an internal combustion engine. It will also provide greater space for rear passengers. It is believed to be powered by BYD's newest LFP Blade lithium-iron-phosphate battery technology, making it less expensive than Toyota's current electric vehicles. After the eTNGA-based bZ4X SUV, which was recently released in production form, the electric car will be Toyota's second totally electric vehicle.
BYD's lithium-phosphate batteries, which are identical to those used by Tesla in China-spec cars and, while having a lower energy density than lithium-ion units, are cheaper to make and have a smaller profile, are a major component in the new model's price.
Another reason BYD models are less expensive than Toyota, is that the two firms' development methodologies differ, with Toyota devoting significantly more time and effort to testing each component.
Toyota experts have already evaluated BYD vehicles, with insider sources praising the Chinese manufacturer's advances in terms of quality, styling, and performance, all of which are supplied at a substantially cheaper cost than identical Toyota models. After playing with the concept since 2018, the Japanese decided to start an R&D joint venture with BYD in 2020. In Shenzhen, 24 Toyota engineers and 100 BYD engineers are now working together.
The concept version of the yet-to-be-named electric vehicle is slated to debut at the Beijing Auto Show in April 2022.
According to sources, it will be priced below more premium sedans such as the Tesla Model 3 and Nio ET7, with a starting price of less than $31,392.