Toyota unveils 1st exclusively electric model under Lexus brand
11:01 JST, May 1, 2022
Toyota Motor Corp. has unveiled details of the RZ, the first exclusively electric vehicle model under its Lexus brand, hoping to make its presence felt in the luxury EV market.
Electric vehicles are more expensive than gasoline-powered cars, and thus luxurious cars are expected to take a leading position in the EV market, and there is hope that the new Lexus RZ will become Japanese carmakers’ global frontrunner in that arena.
The automaker intends to strengthen its presence in the high-end market, in which Japanese makers lag behind their U.S., European and Chinese competitors.
Takashi Watanabe, chief engineer at Lexus, said at the RZ’s online launch on April 20: “We have advanced Lexus design and driving performance even further with electrification technology. This model embodies the future of the electrification of Lexus.”
The RZ is the luxury brand’s second entry into the electric vehicle market following the UX300e, a compact sport-utility vehicle launched in 2020.
While the UX came in gasoline, hybrid and EV models, the RZ is designed exclusively as an electric vehicle. The carmaker aims to promote its advanced technology and quality to establish the Lexus brand in the electric vehicle field.
Toyota plans to launch the RZ in Japan, North America, Europe, China and other markets starting in winter of this year.
While EVs are more expensive than gasoline-powered and hybrid vehicles, their profit margins are said to be lower than those of gasoline-powered vehicles due to the higher cost of batteries and other components. Once sales of luxury brands like Lexus get on track, the company is more likely to secure profits.
"BUSINESS" POPULAR ARTICLE
Japan’s Economy Contracts as Demand Wanes
Japan Railway Operators Eye Net-zero CO2 Emissions Via Hydrogen Fuel Cell Trains
3 Japan Railway Firms to Introduce System to Pay Fare by Tapping Credit Card at Ticket Gates
Suntory’s Hibiki Whiskey Price Planned to Increase by 125％; Demand Higher than Production
Energy Challenges / High Electricity Bills Overshadow Digitalization in Japan
JN ACCESS RANKING
- Japan’s Economy Contracts as Demand Wanes
- Sardines and Mackerels Blanket Beach in Hokkaido; Local Fishermen ‘Never Seen This Many’
- Tsunami observed in Japanese coast after the earthquake near Philippines (UPDATE2)
- Autumn in Full Swing in Kyoto
- Japan Railway Operators Eye Net-zero CO2 Emissions Via Hydrogen Fuel Cell Trains