Toyota Going After Low Cost Honda Insight Hybrid
Green motoring enthusiasts saw this coming – Toyota going after the new, lower-priced Honda Insight Hybrid. The Insight launched in Japan last month and the sales are triple what Honda expected. The vehicle will be available in the United States on March 24 and the MSRP is $19,800 (excl. shipping) for the entry-level model.
The Toyota Prius has a massive share of the U.S. hybrid market and Honda is hoping to cut into this with the Insight. Toyota is now announcing that it will begin selling an even lower-priced hybrid sub-compact in Japan.
“The new gasoline-electric car will sell at below 2 million yen ($20,510) as early as 2011 in Japan, the Nikkei said, escalating price competition in hybrid cars.
Toyota plans to price its new model at about 20-30 percent cheaper than its current Prius hybrid, which starts at 2.33 million yen, by modifying Prius parts, the Nikkei said.†Source: Automotive New Europe
In the interim, Toyota lovers can revel in the all-new 50 mpg third generation Prius that will be available this spring.
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[...] the all-new 2010 Honda Insight Hybrid today, Toyota has announced an update on its plans to build a new, lower-priced hybrid. Previously, I’ve discussed a rumor about Toyota dropping the price of its Prius hybrid in Japan [...]