Toyota Motor Corp. rolled out its revamped Prius hybrid yesterday, 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 $21,600 US, 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.
It targets rental and corporate customers and will sell for the same price as the Insight.
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.