Toyota Motor Corporation has unveiled their third generation Prius. Toyota, the world's largest automaker are in full confident that they can put up a much more intesified competition with Honda's rival offering, the Insight.
Toyota Prius, now in it's third generation since its 1997 introduction, is the best selling gas-electric hybrid in the world. But later, Honda's Insight, which is more cheaply priced has become the best selling gas-electric hybrid and so Toyota is looking for a revenge with this new model. More interestingly, Honda Insight has ranked as the top selling vehicle in Japan, for the first time a hybrid had clinched that spot.
This new model, Toyota Prius will cost around 2.05 million yen or about $21,600 in it's Japan market. Also Toyota is planning to continue the selling of current Prius in Japan, with a price of 1.89 million yen, the same price as the Insight. Toyota is promising 38 kilometers per liter, which converts to 90 miles per gallon, in Japan, for the latest Prius.
Toyota will have to face some challenges in selling the Prius not only because of the competition from the Insight but because of the global slowdown and a decline in oil prices. The new Prius will be sold in and around 80 nations.
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