Toyota BZ4X vs Lexus LM

What's the difference?

Toyota finds itself in a very unusual position - playing catch-up.

Usually the Japanese brand dominates any market segment it is in - or at least has one of the more popular offerings. But when it comes to mid-size electric SUVs, Toyota finds its bZ4X trailing well behind several rivals including the BYD Sealion 7, Geely EX5, Kia EV5, Tesla Model Y and Zeekr 7X. 

There’s a very clear reason for this, too. Toyota was late to the party. The brand has taken a very slow approach to the electric vehicle (EV) market, launching its first battery-powered model, the bZ4X SUV, in early 2024.

Up until the start of 2026 and a price drop that coincided with surging petrol prices and a spike in EV demand, the bZ4X was something of a bit-player in the EV market. But with sales up more than 300 per cent in 2026 the time seems perfect to expand, with the bZ4X Touring reaching dealerships.

So is this the right SUV at the right time? Or is it too little too late?

Most people that are wealthy enough to be ferried around in a car or limo choose a long luxurious sedan like a Mercedes-Benz S-Class, BMW 7 Series or a Lexus LS. Of course, there are now also SUVs that are used for the same purpose.

But what about a plush people mover? There are very few of these available in Australia and they don’t sell in huge numbers. But Lexus believes there is a market for such a model and it has just launched the big and bold LM. The hybrid-only range is a unique proposition and the LM should hold appeal for limo and tourism operators, and larger cashed-up families. 

This initial launch drive was a slightly different format to usual. Given the intended use of the lounge-like model, Lexus arranged for us to be collected in the LM by a chauffeur and ferried from Melbourne to the Mornington Peninsula. From there we got behind the wheel for a brief drive, but many of my impressions will focus on the passenger cabin experience.

Note too that the LM500h does not land until early 2024, so we only sampled the LM350h AWD.

So jump aboard and let’s see if this Lexus can do everything the LS can do - and maybe even a little bit more.