Despite producing one of the first popular electrified vehicles in the Prius, Toyota has been slow to embrace the electric revolution, saying there should be more options for consumers than just battery electric vehicles.
That complacency has put Toyota behind the eight-ball with no compelling electric vehicles (EVs) coming down the pipeline for at least several years.
It looks like that might change, and fairly quickly. The Japanese automaker has reportedly partnered with China’s BYD to launch an affordable EV next year.
According to multiple sources that spoke with Reuters, the Toyota EV will be powered by BYDs Blade lithium iron phosphate (LFP) batteries.
“The car was enabled by BYD battery technology. It has more or less helped us resolve challenges we had faced in coming up with an affordable small electric sedan with a roomy interior,” one of the sources told Reuters.
The sources claimed it will be slightly larger than a Toyota Corolla and competitively priced, with one source suggesting it will come in at under $30,000 USD (200,000 yuan).
Toyota responded to the report, but did not deny it, instead saying the company doesn’t comment on future products.
BYD declined to comment.
The EV will reportedly be unveiled as a concept car at the Beijing Auto Show in April 2022, and if all goes well it will go on sale in late 2022.
