It does even better under Japanese government testing standards. Hybrids, by going back and forth between a gasoline engine and electric motor, tend to offer better mileage in slow-speed and stop-and-go driving common on Japanese streets, rather than on highways — just the reverse of conventional cars.
Toyota is promising 38 kilometers per liter, which converts to 90 miles per gallon, in Japan, for the latest Prius. Houston Chronicle
Both Toyoda’s presence and 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 hybrid in the world, racking up a cumulative 1.256 million units sold in more than 40 nations and regions.
The Insight, which is smaller than the Prius, carries a lower manufacturer’s suggested retail price of $19,800 for the base model in the U.S.
Honda has sold 19,492 Insights in Japan since it went on sale in February, and 2,665 Insight vehicles in the U.S. since March.
“We’ve come up with a price that we think is close to what will make people happy,” Toyoda said.
Toyota reported a 42 percent drop in U.S. vehicle sales for April, weighed down by a 62 percent slide in Prius sales as consumers awaited the launch of the 2010 model.
Ravaged by a global slump, tight credit in the critical U.S. market and the strong yen, Toyota racked up a larger-than-expected 436.94 billion yen ($4.4 billion) loss for the fiscal year ended March 31, a dramatic reversal from the record profit of 1.72 trillion yen it earned the previous year. The Associated Press
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