How Toyota's $15,000 Electric Vehicle Turned Into a $48,000 Price Tag in Its Initial Export Market | Carscoops

      Even the least expensive EVs in China face challenges in remaining competitively priced in other markets.

      Toyota's EV has entered its first export market with a startling starting price of $48,000.

      Significant taxes and fees have pushed the bZ3X crossover price well out of reach for many local consumers.

      Toyota has yet to announce which other global markets will receive the new bZ3X.

      Affordable electric vehicles are transitioning from mere aspirations or limited niche offerings to becoming a reality, with some of the largest automotive manufacturers now entering the market, yielding intriguing results. The Toyota bZ3X exemplifies that the Japanese automaker, despite a history of skepticism towards EVs, can develop an economical electric vehicle, particularly with assistance from its Chinese partners and production facilities.

      Ethiopia is one of the first international markets outside China to see the launch of the bZ3X. It has been disclosed that this electric SUV will be available through select dealerships in Addis Ababa and through private importers, with a starting price of 6.3 million birr, roughly translating to $48,000. Local customers face high tariffs contributing to the significant price increase of the bZ3X.

      As per Birr Metrics, the new Toyota is subjected to a 35 percent customs duty, an excise tax reaching 30 percent, a 15 percent VAT, a 10 percent surtax, and a 3 percent withholding tax. Such a tax burden certainly contributes to the final price tag. Given the starting cost of the EV, it is likely to remain unattainable for the majority of new car buyers in Ethiopia.

      Interestingly, there is a rapid growth in the EV market within the country. At the beginning of 2023, approximately 4,600 personal EVs were registered, but this number has surged to about 14,000 this year. In 2024, over 60% of newly registered vehicles were EVs. This growth occurs despite Ethiopia’s charging infrastructure being underdeveloped, with most public charging stations located in the capital. The goal is to have 3,000 charging stations operational by 2030.

      Will It Be Available Elsewhere?

      Toyota has not yet disclosed which additional markets the bZ3X will enter. If it becomes available in regions such as Europe, Southeast Asia, and Oceania, it could gain significant popularity, contingent upon its pricing.

      In China, customers can select from three battery options: a 50.03 kWh LFP battery, a 58.37 kWh mid-range variant, and a premium 67.92 kWh battery. These are designated as 430, 520, and 610, respectively. Prices begin at 109,800 yuan (approximately $15,200) for the base 430 model, or as low as 104,800 yuan (around $14,500) with applicable subsidies. At the top end, the 610 Max variant reaches up to 159,800 yuan (about $22,000).

      Despite its entry-level pricing, the bZ3X is well-appointed with features. The interior includes a large infotainment display, a digital instrument panel, a wireless phone charging pad, ambient lighting, and a standard 11-speaker Yamaha audio system, making it a well-equipped offering for its price range.

      The bZ3X is just one element of Toyota’s expanding EV initiatives in China. The company has been introducing several surprisingly affordable models, including the bZ5 crossover aimed to compete with the Tesla Model Y, which starts at 129,800 yuan (around $17,900). There is also the anticipated bZ7 large sedan, expected to launch later this year with a price just over $20,000.