Although the race for electrification was kicked off by an electric vehicle (“EV”) startup, established automakers are also looking to make their mark in the nascent EV industry. Automakers such as Hyundai, General Motors and Ford have already released EVs while others that don’t yet have electric cars on the road are working on extensive electrification plans. Now a report from Reuters claims that Toyota, which has been quite slow to join the electric bandwagon comparatively, is looking to build an electric car as well.
According to Reuters, Toyota has partnered with Chinese manufacturing company BYD to develop a new affordable battery electric vehicle. Unlike most automakers, Toyota has dragged its feet on electrification, with its only electrified offering being the Toyota Prius hybrid. The Japanese firm has even been involved in lobbying efforts asking the U.S. government to slow down electric vehicle mandates. With this new offering, however, Toyota may be changing its stance on electrification.
Reuters reports that Toyota, in partnership with BYD, will launch a “small and affordable electric sedan” in late 2022. Reports say LFP chemistry blade battery cells from BYD will be used to power the electric sedan. LFP technology grants EV batteries a long cycle life and higher energy density, as well as provides higher thermal stability and current ratings, making them a lot safer. Over the past couple of years, the technology has improved so much that automakers are starting to install them in electric cars when they were mainly used by electric buses previously.
It’s no surprise that Toyota has chosen to partner with BYD; the Chinese firm’s blade batteries have attracted a fair bit of attention. BYD first unveiled the batteries back in 2020, stating that the batteries passed nail-penetration tests without catching fire and were more energy dense when packed due to their blade shape. Chinese media outlet CLS reported that Tesla was in talks with BYD for delivery of its blade batteries by the second quarter of 2022. Tesla didn’t comment at all while BYD refused to make a comment but didn’t deny the report.
Similarly, BYD refused to make a comment while a Toyota spokesman said the company does not comment on future products. But according to Reuters, the two companies are looking to develop a small and affordable battery-electric car with a roomy interior. The EV will sell for slightly under 200,000 yuan ($30,000), putting it in the same price range as EVs such as the Nissan Leaf, Hyundai Ioniq Electric and the 2022 Mini Hardtop.
It looks like competition is going to be quite stiff among electric vehicle manufacturers since those that started earlier, including Rivian Automotive Inc. (NASDAQ: RIVN), are going to face off with other players planning to release new models over the coming years.
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