Toyota’s first mass-produced electric car, the bZ4X, fails to sell well, announces that Japan’s rent down payment is halved

IT House reported on October 28 that due to a potential “loose wheel bolt” problem, Toyota announced a recall of all bZ4X SUVs shortly after the launch, and stopped production only two months after the launch. Even if the new car has solved this problem, the sales figures still seem to be less optimistic.

Toyota’s Motomachi plant in Japan restarted production on October 6, but the process of bringing the bZ4X back to market remains difficult, especially in its home market. According to Reuters, the recall isn’t the only reason why Toyota’s bZ4X isn’t doing well in Japan.

IT Home has learned that Japan is the first market where this electric SUV was launched, and it has been on sale since May 2022.

The bZ4X offers leasing exclusively in Japan through Toyota’s Kinto division, and has resumed accepting leasing orders on October 26. In a bid to attract interest in the bZ4X, the automaker announced that it will halve the one-time fee for signing a lease contract.

When the electric SUV was launched in May this year, in addition to a one-time application fee of 770,000 yen, Toyota also charged 107,800 yen (about 5,325 yuan) per month for the first four years (10-year contract). rent.

Starting this week, Toyota announced that the application fee will be changed to 385,000 yen (about 19,019 yuan), while the monthly fee has dropped by 1,100 yen (about 54 yuan). Customers who register early are also eligible for discounts, said Kinto President Shinya Kotera.

“In retrospect, we felt the price was a bit too high, and customers pointed that out,” he said, adding that the bZ4X is now also available for corporate leases.

Still, a Toyota veteran told Reuters that while the decision was “painful,” it was unlikely to lead to a significant increase in sales.