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Toyota Unveils New Version of Prius to Challenge Honda

Toyota Motor Corp. announced it will introduce a new version of its Prius which has been the highest-selling hybrid car worldwide since it was introduced in 1997.

Meanwhile, the move is to challenge Honda Motor Co. which is also becoming popular as hybrid carmaker with its low-priced models.

In an effort to challenge Honda Motor Co.’s hybrid models and boost its slumping sales, Japanese carmaker giant Toyota Motor Corp. announced it will introduce a new version of its Prius which has been the highest selling hybrid car worldwide since it was introduced in 1997.
 

Toyota said the new version of Prius is expected to boost sales amid weak economy. Meanwhile, analysts said the company’s move is in line with the growing environmental awareness, consumer’s concern over high oil prices, and the new shift to cost-efficient cars from pick-up trucks which often consume more fuel.


Toyota has already received more than 60,000 orders of the new Prius version which comes at a price of approximately $22,000.


With the slumping car sales, Japanese government has offered consumers with tax incentives and has subsidized the price of energy-efficient cars. Also, carmakers have restructured the payment mode and have offered buyers with insurance in an effort to lure more consumers to purchase new cars.


Meanwhile, analysts said that green cars will boom sooner as governments worldwide have started to give incentives to consumers who will buy hybrids and other fuel-efficient cars.
 

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