Mubasher: The new launch of Toyota’s battery electric vehicle (BEV) series, besides the four BEVs in its portfolio, will likely enhance its position in Japan and the global BEV market, Senior Automotive Consulting Analyst at GlobalData Bakar Sadik Agwan said.
“Toyota’s BEV portfolio expansion will help it to tap significant opportunities in its home market, Japan, which presently does not have attractive BEV offerings and is witnessing high growth in demand for BEVs from select players such as Nissan and Tesla,” Agwan commented.
While Tesla caters to the premium segment with sales approaching 2,000 vehicles annually, Nissan’s Leaf is seen as the only popular and successful BEV available for the mass market in Japan, he added.
Asia-Pacific has recently witnessed major developments in the EV market, according to the analyst.
“Players such as Hyundai are trying to lead with innovative products and standout features while technology companies such as Huawei, Sony and Xiaomi are trying to penetrate the BEV market,” Agwan added.
Toyota will unveil the concept version of the first model in its new BEV series, the Toyota bZ4X, in Shanghai. The automaker aims to establish a full line-up of EVs to reduce CO2 emissions with the aim of having 70 electrified models by 2025.