Lexus unveils new electric model with longer range and lower price tag — and it could corner the luxury EV market

Lexus has stated its ambition to become a fully battery electric vehicle brand, with a target for this transition to be completed worldwide by 2035.

The first model on the way to achieving that goal was 2023’s RZ 450e, offering an estimated 220 miles of range on a single charge. Some 5,386 of the models found their way to customers in the United States in 2023 (according to a sales summary downloadable from the Lexus pressroom). Lexus is already looking to build on that early success.

The company has revealed that 2024 is bringing the RZ 300e, which will offer 266 miles of range (estimated) on 18-inch wheels with a 72.8 kilowatt-hour CATL battery. Furthermore, according to Electrek, it will be available for as much as $4,500 cheaper than the previous iteration.

Lexus, which is under the Toyota umbrella, is looking to corner the luxury EV market. While the LF-ZC is expected in 2026, the RZ 300e should be available much sooner.

Electrek said the interior design of the RZ 450e is based on the “Tazuna” concept, which is the Japanese word for the reins of a horse. The RZ 300e will likely follow the same path.

“In a perfect relationship between rider and horse, small, precise hand movements of the reins are all that’s required to communicate commands,” Lexus noted when describing the design concept, which is also featured in its NX SUV.

“The aim is to help the driver focus on the business of driving: ‘hands on the wheel, eyes on the road.’ It’s a simple principle, but many different elements have to be brought together in harmony to achieve it, from the driver’s position at the wheel to the shape and location of different controls and the way in which important vehicle and journey data are communicated.”

There will be premium versions of the RZ 300e available at a slightly higher price point, but for the standard model, a price reduction will be welcome news for prospective customers.

Initial purchase price is one of the biggest barriers to electric vehicle takeup, and while Lexus models will be at the higher end of the market, any savings will surely be welcomed.

However, electric vehicles save motorists money in the long run, thanks to less required maintenance and cheaper refueling compared to dirty fuel–powered alternatives.

And that’s not to mention that EVs are far better for the environment, producing zero tailpipe pollution that contributes to increasing global temperatures.

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