It looks like hybrid cars aren't going to be a rare subspecies with a
narrow market niche anymore. Now, the world’s best-selling car will
come in a hybrid model too.
Toyota Motor Corp. said Tuesday its best-selling Corolla will now be available as a hybrid in Japan,
where demand is growing for a wider variety of vehicles that run on
both gasoline and electricity. Hybrids accounted for about 20% of
vehicles sold in Japan last year.
Toyota has no plans to sell the Corolla hybrid overseas at the moment.
The car is part of Toyota’s plan to offer 21 hybrid models over three
years through the end of 2015 to solidify its position as the hybrid
leader.
The Corolla will join six hybrid models already on the market. A
hybrid Highlander sport-utility vehicle will come off the lot in early
2014.
Toyota has already established itself as the maker of the world’s
first mass-produced hybrid, the Prius. In terms of price and model, the
electrified Corolla will fill the gap between the two best-sellers–the
Aqua compact, known as the Prius C overseas, and the Prius hatchback.
The new Corolla would be best-suited for those looking for a
sedan-style hybrid bigger than the Aqua, Corolla’s chief hybrid engineer
Hiroshi Nakamura told reporters at a briefing.
While competitors like Ford Motor Co. and Honda Motor Co. are nipping
at Toyota’s heels with their latest fuel-efficiency systems, the new
Corolla has no major hybrid rival since Honda discontinued its Civic
hybrid in Japan three years ago.
The new Corolla is timely too, with gasoline prices at their highest
in nearly five years. It runs 33.0 kilometers on a liter, a little less
than the Aqua’s 35.4 km, but better than the Prius’s 32.6 km.
The lowest price of Y1.925 million ($19,650) is below the Prius’ Y2.17 million. Aqua’s lowest price is Y1.69 million.
Yet Toyota has set its monthly sales target surprisingly low, aiming
to sell only 2,500 Corolla hybrids a month, including the station-wagon
model. That compares with 10,000 a month for the Prius, and 12,000 for
the Aqua.
“Of course, we hope to sell more than the target, or even beat the Prius,” Mr. Nakamura said without elaborating.
The Corolla hybrid is 50% more fuel efficient than the gasoline
version, but about Y400,000 more expensive. The Prius and the Aqua are
hybrid-exclusive models. Mr. Nakamura said the higher costs for the
hybrid Corolla may weigh on purchasing decisions.
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