Toyota Motor Corp., the largest seller of gasoline-electric autos, said a small hybrid car may be the first of a U.S. lineup using the Prius name and it will add eight of the fuel-efficient models within a few years.
The compact FT-CH hatchback, 22 inches (56 centimeters) shorter in length than the current Prius, was unveiled today at the Detroit auto show. The car, aimed at young buyers and priced less than a mid-size Prius, may join a "Prius family," said Jim Lentz, the Toyota City, Japan-based company's U.S. sales chief.
Toyota seeks to retain the lead in sales of advanced, fuel- saving vehicles it has held since the U.S. introduction of Prius a decade ago. Nissan Motor Co. and General Motors Co. plan to begin sales this year of plug-in cars powered by lithium-ion batteries, challenging Toyota to respond without diluting its hybrid sales.
"The issue becomes how are they not going to take the steam out of their other hybrid vehicles," said Paul Lacy, an analyst at forecaster IHS Global Insight in Troy, Michigan. "As for a compact hybrid, people already have this idea that hybrids are small, so going down in size may be a challenge."
Toyota didn't say when a retail version of the FT-CH compact car would go on sale. The four-passenger model, designed at Toyota's studio in Nice, France, would offer fuel economy that exceeds that of the 50 mile-per-gallon Prius, Toyota said. The company's mid-size Prius is priced from $22,400.
Fuel Economy
"The strategy is still taking shape and obviously it will require additional models to qualify as a family," Lentz said in a news conference at the North American International Auto Show. "Among others, the FT-CH is a concept that we are considering."
Toyota's U.S. sales unit is based in Torrance, California. Toyota's American depositary receipts rose 44 cents to $86.20 at 4:06 p.m. in New York Stock Exchange composite trading. They have gained 2.4 percent this year.
Full story
