Toyota To Launch Advanced Autonomous Electric SUV In China Next Year: Report

Author: Shivani Kumaresan | June 28, 2024 09:33am

Toyota Motor Corp. (NYSE:TM) is reportedly set to introduce its first electric vehicle featuring an advanced autonomous driving system in China next year.

The initiative aims to bolster the Japanese automaker’s market share in China by advancing in hybrid, battery, and intelligent vehicle technologies.

The joint venture with state-owned Guangzhou Automobile Group unveiled a series of innovative targets during an event in Guangzhou, reported Reuters.

GAC Toyota plans to launch the Bozhi 3X SUV, equipped with an advanced driving assistance system for parking and navigation in urban and highway settings, per the report.

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GAC Toyota is collaborating with Momenta Global, a startup specializing in autonomous driving software, and Huawei Technologies to use in-vehicle operating software in a new electric sedan set to launch in 2025.

The automaker plans to introduce an iron phosphate lithium battery in 2026 and 2027, expected to cut production costs of its bZ4X EV by 40%.

This cost reduction aims to enhance the competitiveness of Toyota’s electric vehicles in the Chinese market.

Despite a 22% sales drop in the first four months of this year compared to the same period in 2023, Toyota ranked fifth among all brands by car sales in China, according to the China Association of Automobile Manufacturers, which the report highlighted.

Toyota’s production for the month of May dropped by 4% to 812,191 vehicles, with a notable 22% decrease in China.

Price Action: TM shares are trading higher by 0.73% at $205.36 at last check Friday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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Posted In: TM