Toyota Announces 2003 Corolla Pricing

DETROIT, Jan. 7 -- Toyota Motor Sales (TMS), U.S.A., Inc., announced manufacturer's suggested retail prices (MSRP) today for the all-new, ninth-generation Corolla compact sedan during a press conference at the North American International Auto Show. The 2003 Corolla will arrive in dealer showrooms in February. "In style and substance, the all-new Corolla will reach out to younger buyers with a strong, new identity," said Don Esmond, Toyota Division senior vice-president and general manager. "It will be far more than merely the next-generation Corolla. For 2003, Corolla will establish the benchmark in styling, image and value in the subcompact sedan segment." Corolla is the world's all-time best-selling passenger car with more than 25 million units sold in 142 countries. Visually and functionally, the new Corolla is like no other before it. It is longer, taller and wider. The styling is at once, more muscular, more athletic and more upscale. By design, Corolla was given a fresh look that is a class up from its competition. Even though the new Corolla is larger and heavier, it is both quicker and faster. Powered by a 1.8-liter, four-cylinder twin-cam engine with variable valve timing (VVT-i), Corolla produces 130 horsepower @ 6,000 rpm, an improvement of five horsepower over the previous generation, and 125 lb.-ft. of torque @ 4,200 rpm. Because Corolla is larger and heavier, it has a more substantial feel. Ride quality is both firmer and more comfortable. The front suspension is equipped with MacPherson struts while the rear is equipped with torsion beams, improving road feel and better impact damping. Corollas equipped with a five-speed manual transmission will deliver a city/highway preliminary EPA-estimate of 32/40 mpg. Corollas equipped with a four-speed automatic transmission will produce 30/38 mpg. The new Corolla is available in three grades, the value-driven CE, the upscale LE, and the sporty S grade. Value is improved in all three grades through increased standard equipment at minimal cost increase. An assortment of traditionally optional equipment is now standard on all Corolla grades. Across the board, there is an increase in standard content at a decrease in price to the customer. Numerous comfort and convenience features that were previously available only as options are now standard equipment in the 2003 Corolla. Standard amenities on the CE grade include power mirrors, air conditioning with air filter, AM/FM/CD with four speakers, power steering, tilt steering wheel, heavy duty rear window defogger, 60/40 split folding rear seat, body side molding, tachometer, color-keyed outside door handles, outside temperature gauge, P185/65R15 tires with full wheel covers, intermittent wipers, trunk lamp, dome light with delay, center console box, remote trunk, hood and fuel filler release, daytime running lights and digital clock. The MSRP for the affordable CE is $13,370 for a five-speed manual transmission and, on a comparably equipped basis is $1,550, or 12.3 percent, less than last year. MSRP is $14,170 for the CE with an automatic transmission, which is also $1,550, or 11.9 percent, less than last year's model on a comparably equipped basis. The standard features on the LE grade include power windows and door locks, remote keyless entry, color-keyed power mirrors, color-keyed body side molding, P195/65R15 tires with full wheel covers, silhouette speedometer, wood-like center instrument panel, variable intermittent wipers, vertical seat height adjuster, center console box with tray and map lamps. For the first time, Corolla will be offered with an optional leather interior on the LE grade. The abundance of standard equipment on the Corolla LE comes at decreased prices on a comparably equipped basis compared to last year. The MSRP for the LE with a five-speed transmission starts at $14,680, which is $1,050, or 7.8 percent, less than last year's model. The base MSRP for the LE models equipped with automatic transmissions is $15,480, which decreased $1,050, or 7.4 percent, on a comparably equipped basis compared to last year. The Corolla S grade delivers a sporty look and feel, and includes smoked headlamps, front and rear underbody spoiler, side rocker panels, fog lights, P195/65R15 tires with full wheel covers, silhouette sport speedometer, leather-wrapped steering wheel, sport-leather-wrapped shift lever, six-piece chrome accents and sport tachometer. The S interior is available exclusively in a unique charcoal fabric. The Corolla S MSRP for a five-speed transmission is $14,515, which is $850, or 6.6 percent, less than last year on a comparably equipped basis. For those who prefer an automatic transmission, the MSRP is $15,315, and is $850, or 6.2 percent, less than last year, on a comparably equipped basis. Corolla production will be shared between Toyota Motor Manufacturing, Canada, in Cambridge, Ontario, and New United Motor Manufacturing, Inc. in Fremont, Calif.