Toyota Tries To Break Down China's EV Market With Cheap Electric Cars For IDR 300 Million

Japanese auto giant Toyota is trying to make a significant breakthrough in China's highly competitive electric car (EV) market. Toyota officially launched Bozhi 3X, a "smart" electric car with prices starting at IDR 300 million, with the aim of winning the hearts of Chinese consumers through advanced features that are equivalent to local competitors.

The move marks Toyota's serious efforts to reclaim China's market share as the world's largest automotive market now dominated by local players with big names from BYD, Chery, Geely, Changan, and others.

The Sophisticated Feature from Bozhi 3X

Launching Reuters, March 7, Toyota and its local partner, Guangzhou Automobile Group (GAC), first introduced Bozhi 3X at the Beijing automotive exhibition last year. Last Thursday, they started receiving orders, and within an hour, more than 10,000 units were ordered, according to Peng Baolin, GAC vice president of Toyota, on his Weibo social media account.

Models with navigation capabilities equivalent to Tesla's "full self-driving" feature are priced at 139,800 yuan of around Rp. 306 million, while simpler versions are sold for 104,800 yuan (Rp. 300 million). This makes Bozhi 3X the cheapest EV of Toyota in China.

The leading smart features include Orin X, lidar, and smart driving software chips from Momenta, which are equivalent to the features offered by competitors.

Challenges BYD's Dominance And EV Price War

The launch of Bozhi 3X comes amid China's increasingly fierce EV price war. Last month, BYD, a local EV giant, announced it would offer features of advanced driving assistance for free on some of its models, including those for under $10.000 (equivalent to IDR 161 million).

Toyota, with Bozhi 3X offering advanced features at competitive prices, is seeking to compete directly with BYD and other local players.

Many analysts think Bozhi 3X's success will be an important test for Toyota's EV strategy in China. With more affordable prices and advanced features, Toyota hopes to attract the attention of increasingly intelligent and sophisticated Chinese consumers.

The launch of Bozhi 3X marks a new chapter for Toyota in China's EV market. Will their strategy succeed? Time will answer.