Toyota Rolls Out New, Less Pricey Prius in Japan and Claims 80,000 Preorders
By Scott Doggett May 18, 2009
Toyota rolled out the revamped Prius today, and the world's largest automaker said it already has 80,000 advance orders in Japan for the remodeled hybrid amid intensifying competition with Honda's rival offering, the Insight.
----------
Right, Toyota's Akio Toyoda speaks at the unveiling of the revamped Prius.
----------
That figure is remarkable, given that Toyota sold only 73,000 Priuses in Japan all last year.
The announcement came exactly one week after the Insight became the first hybrid ever to top that nation's monthly car sales list.
Toyota said it aims to sell up to 400,000 units globally a year of the new Prius.
"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 revamped Prius are symbolic of Toyota'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.
But now Toyota faces a challenge from Honda, whose more cheaply priced Insight has sold briskly since it was introduced in Japan in February.
$21,600 for New Prius
Toyota said its Japan prices for the Prius would start at 2.05 million yen, or about $21,600, less than its predecessor model's Japan base price.
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, or $19,926, the same price as the Insight.
In Japan, Toyota is hoping to sell 10,000 of the new Prius a month, and an additional 2,000 of the cheaper old-style Prius, Toyoda said.
The Japanese government is offering incentives to encourage people to buy green cars, which is expected to help the Insight and Prius sales there.
Toyota had already given the U.S. prices for the 2010 Prius -- starting at $22,000, unchanged from the base price for the 2009 model. It is also promising a more basic U.S. model as well for later this year starting at $21,000.
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.
Toyota is promising 90 miles per gallon, in Japan, for the latest Prius.
Visit our sister site, Inside Line, for additional sales information for the Prius and the Insight.
LEAVE A COMMENT