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Toyota (NYSE:TM) on Monday announced the new Toyota bZ3, the second model in the company’s bZ series jointly developed for the Chinese market by BYD TOYOTA EV TECHNOLOGY—a joint venture established by Toyota, BYD (OTC:BYDDY) and FAW Toyota Motor Co.
The four-door electric sedan will be capable of over 373 miles (600 kilometers) of range based on the China Light-Duty Vehicle Test Cycle. BYD will supply the model’s lithium iron phosphate battery. The pack’s capacity isn’t yet available, but it allegedly retains 90 percent capacity after 10 years.
The battery structure, cooling, control, and safety monitoring systems were all newly designed for this car, making its high-quality electrification system efficient, advanced, safe, and reliable.
FAW Toyota will produce the bZ3 in China and will sell the vehicle at its dealers there. According to a report in September, Toyota will possibly sell the electric sedan in Europe starting as soon as early 2024.
According to the company’s plans, at least six electric models riding on the e-TNGA platform are on the way. The initial strategy is to introduce a compact car, medium crossover, medium sedan, medium minivan, medium SUV, and large SUV.
Shares of TM are down 0.05% near mid-day trading on Monday.
