Toyota Motor Corp. rolled out its revamped Prius hybrid, which will cost less in Japan than its predecessor model as competition heats up with Honda’s rival hybrid, the Insight.
Toyota aims to sell 300,000 to 400,000 of the new Prius worldwide a year. The Japan price for the Prius, which starts at about US$21,600, is cheaper than the previous model.
But in an unusual move aimed at competing against the Insight, Toyota also said it will continue to sell the current Prius in Japan - and cut its price.
Toyota started its global launch of the world’s top-selling hybrid at a ceremony in Tokyo where the automaker’s incoming president, Akio Toyoda - grandson of the company’s founder - drove on stage in the new Prius. The Canadian Press
“We are resting the future of cars in this model,” said incoming president Akio Toyoda, the grandson of the company’s founder, who drove the new model onto a stage at a packed Tokyo showroom.
Both Toyoda’s presence and the new Prius are symbolic of Toyota Motor Corp.‘s pursuit of a turnaround from its worst annual loss since its 1937 founding.
The Prius, now in its third generation since its 1997 introduction, is the best-selling gas-electric hybrid in the world, racking up a cumulative 1.256 million units sold in more than 40 nations and regions. The new Prius will be sold in 80 nations and regions, Toyoda said.
But now Toyota faces a challenge from Honda Motor Co., whose more cheaply priced Insight has sold briskly since it was introduced in Japan in February. In April, the Insight ranked as the top-selling vehicle in Japan — the first time a hybrid clinched that spot.
But in an unusual move aimed at competing against the Insight, Toyota also said it will continue to sell the current Prius in Japan — mainly to corporate and rental customers — and cut its price to 1.89 million yen, the same price as the Insight.
The new Prius gets a combined 50 miles per gallon, compared with 46 mpg for the 2009 model, according to Toyota.
