Toyota is now leasing its one all-electric car, the bZ4X, for just $129/mo and $2k down.
Toyota has been dipping its toe into the EV water, mostly focusing on hybrids rather than electric cars.
Its first EV, the bZ4X, hasn’t been a huge success, perhaps due to focus on hybrids. It also faced a rocky launch with an early recall, though that has all been sorted out by now.
So in a market with lots of great EVs, the bZ4X hasn’t attracted a whole lot of attention.
Last quarter, Toyota only sold 1,897 copies of the bZ4X in the US, a 9% increase over the previous year but only accounting for .4% of Toyota’s total US sales, and much less than the number of EV sales from much smaller companies.
As a result, Toyota has resorted to deep discounts on its electric crossover, making it one of the cheapest cars you can lease right now.
The steepest deal is on last year’s 2023 bZ4X base “XLE” trim, which is available for just $129/mo with $1,999 due at signing, at least here in Southern California. We also saw a deal for $119/mo and $4k down in New York. This is by far the lowest monthly price we’ve seen for the bZ4X yet, and one of the lowest we’ve seen for any EV – not just now, but ever.
The lease deal in question has a limit of 12,000 miles per year, close to the average mileage for a US driver, and a little more than the ~10,000 mile limits that are common on a lot of leases. This specific offer expires April 30th, though something similar could be extended after the month ends.
The 2024 model is just $169/mo (and $2k down), still a low price though not as eye-wateringly low as the 2023 model. Toyota made relatively minor changes for the 2024 model, including a mobile L1/L2 charging cord and standard power liftgate and 8-way power driver’s seat, along with some software changes.
Both of these are extremely low lease prices for a car with suggested retail price of $44,845 (2024 model). For example, a RAV4 LE is $369/mo with $3k down, much more than the bZ4X lease price despite that car being ~$15k cheaper than the bZ4X.
Part of the reason for these lease offers is due to the Inflation Reduction Act’s EV tax credit, which is also available (and in fact, even easier to get) on a lease. In this case, the automaker files for the credit and offers lower lease payments to the customer.
But that doesn’t cover all of the discount – the lease deal accounts for a whopping $16,250 in cash from Toyota ($17,750 on the 2023 model).
This is certainly getting down into the “insane deal” category, even with my general distaste for how Toyota has managed the EV transition.
It reminds me somewhat of the deals on the original Fiat 500e back in 2015 or so. At the time, Fiat’s CEO, Sergio Marchionne was one of the loudest voices against electrification. He famously admitted admitted that the 500e was a compliance car (by claiming that Fiat loses money on every sale – thus suggesting that Fiat only sold them because California said so), but Fiat also leased the 500e for just $69/mo at the time.
A lot of Californians, even those who already had nice cars, decided that having a cheap runaround with extremely low fueling costs would be worthwhile, and snatched one up. Given that $69/mo is less than half of what the average Californian driver would spend on gas per month, these cars were basically free.
Now we have a similar situation with Toyota, a company that is quite openly anti-EV, but which is offering one of the cheapest EV deals we’ve seen.
I can’t say I love the bZ4X – it’s pretty middling in terms of specs, and while I’ve only driven it for a short time, it didn’t really do much to thrill me right out of the gates. I liked its cousin the Lexus RZ better, but still, neither would go anywhere near my list of top EVs.
But if your goal is to get a car with Toyota quality, aren’t particularly planning on road-tripping (one thing the bZ4X does poorly at is quick-charging performance, especially on roadtrips), and are a fan of getting good deals, well, the bZ4X might be for you right now.
If you’d like, you can use our affiliate link to contact your local dealers about the 2023 or 2024 Toyota bZ4X, and see what kind of lease deals are available in your area. Deal is subject to availability and participation, so contact your local dealer if you’re interested in a cheap bZ4X.
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Tesla (TSLA) has introduced a new direct discount for the Model Y in China as the latest of a series of incentives to boost demand during this critical end-of-quarter push.
The automaker regularly offers discounts at the end of every quarter, but the incentives to boost demand have been the most wide-ranging ever this quarter.
Over the last month, we have been documenting the many sale incentives and discounts that Tesla has put in place to ensure it creates the demand for a record quarter.
Tesla aims to deliver a record number of more than 515,000 vehicles in Q4 in order for its sales not to be down for the whole year. That’s ~30,000 more vehicles than Tesla’s last record quarter, which was Q4 2023.
And everywhere, Tesla is heavily subsidizing loans with lower interest rates. That has been the main incentive in China, Tesla’s biggest market, until now.
Tesla’s New Discount in China
Today, Tesla announced that it is offering a ¥10,000, the equivalent of $1,380 USD, discount on the final payment for new Model Y vehicles:
The new discount can be combined with Tesla’s subsidized 0% interest financing, which has been Tesla’s main incentive in China all year.
Electrek’s Take
Based on insurance data, Tesla is tracking ahead of last year’s deliveries in China, but it is going to need to beat its last record by a significant margin to make sure not to be down for the whole year.
Model Y is Tesla’s most popular vehicle, but Tesla is also going against the expectation of the design refresh coming early next year, which can negatively affect demand.
This discount is likely to combat that and maintain Tesla’s current good momentum in China.
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We now have more details on the massive recall, which just keeps growing. Hyundai and now Kia are recalling more than 208,000 electric vehicles in Canada and the US to fix a problem with the loss of driving power, which can increase the risk of a crash.
For the second time this year, the automakers are recalling huge swathes of EVs and other “electrified” vehicles in North America, citing concerns about a loss of driving power, the National Highway Traffic Safety Administration (NHTSA) said on Friday.
In the US, Hyundai is recalling 145,235 EVs, including the 2022 through 2024 Ioniq 5, the 2023 through 2025 Ioniq 6, GV60 and GV70, and the 2023 and 2024 G80. In Canada, Hyundai is recalling 34,529 vehicles that were produced between March and November of this year, according to Automotive News Canada.
As for Kia, the recall includes close to 63,000 Kia EV 6 vehicles from 2022 through 2024 in the US, but the company has yet to offer details on its Canada recall.
It looks like the issue stems from “the integrated charging control units in these vehicles, which may become damaged and fail to charge the 12-volt battery. This malfunction could lead to a complete loss of drive power, posing safety risks for drivers,” the NHTSA stated.
Back in March, Hyundai, Kia, and Genesis issued a similar recall for 147,110 electric vehicles – that recall centered, again, around damaged integrated charging control units failing to charge the battery.
The South Korea automaker has said that all owners of affected vehicles will be notified by letter mail on the next steps to take. This will involve bringing your vehicle to one of the company’s dealers to inspect and replace the charging unit and its fuse if necessary, along with performing a software update for the charging units.
Importantly, no crashes, injuries, fatalities, or fires due to this issue have been reported in the US or Canada, Hyundai reported.
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A group of Tesla vehicles spotted under covers at the automaker’s test track at the Fremont factory is raising some questions.
Tesla has a very small test track on the ground of its first factory, Tesla Fremont, in California.
Now and again, people fly drones over the factory and catch glimpses of new cars being tested. Youtuber ‘Met God in Wilderness’ is one of those drone pilots who regularly fly over the factory and while he didn’t catch vehicle being tested, he did catch some curious vehicles under covers next to the track:
The vehicles are all covered, and therefore, it’s hard to tell exactly what they are, but the different shapes are intriguing and raise some questions.
It looks like three, maybe four, different kinds of vehicles:
We know that Tesla is working on three new specific vehicles: a Model Y design refresh, and two new cheaper models based on Model 3 and Model Y.
All three vehicles are expected to be unveiled early next year.
Electrek’s Take
At the risk of stating the obvious, getting much information from vehicles hidden under cover can be hard. It’s even possible that some of those have shape camouflage, which is sometimes used by automakers – although I don’t remember Tesla ever using that.
So here are my best guesses. Take them for what they are: guesses.
The most interesting ones to me are the first two on the left in the picture above. The last vehicle on the left looks like it could be a smaller Model 3.: