Toyota Launches New Prius Gasoline-Electric Hybrid Car

TOKYO September 1, 2003; Dow Jones reported that Toyota Motor Corp. Monday launched its latest environmentally friendly vehicle in Japan, amid toughening competition in the development of key technologies for next-generation vehicles worldwide.

Toyota, the world's third biggest car maker by market share, said it has begun selling its remodeled Prius gasoline-electric hybrid sedan in Japan. The move follows the launch of the original Prius, the world's first mass-produced gasoline-electric hybrid car, in 1997.

Technologies used to develop such a hybrid car model can be applied to the development of more advanced environmentally friendly fuel-cell vehicles in the future, industry watchers say. Environmental technology is widely regarded as key to the future growth of car companies.

Among global auto makers, only Toyota and Honda Motor Co. sell mass-produced gasoline-electric hybrid vehicles so far.

"The purpose of (the development of) Prius is to lead the (new) age and to become a goal for other auto vehicles," Toyota President Fujio Cho said.

Toyota will begin selling the new Prius in the U.S. and Europe in autumn.

Cho said Toyota is targeting monthly sales of 3,000 units of the new Prius in Japan. Next year, it aims to sell 76,000 units of the new Prius worldwide, including Japan.

The company has sold more than 120,000 units of the Prius since its launch.

Currently, Japan, the U.S. and Europe are Toyota's main markets for the Prius, Cho said. However, he hopes to expand its market to other countries, such as China.

In September last year, Toyota agreed to begin providing its gasoline-electric hybrid system to Nissan Motor Co. for five years from 2006.

Toyota also agreed in 2001 to exchange information about fuel cell technologies with General Motors Corp. .