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Toyota to develop cheaper hybrid to rival Honda: Nikkei
March 12, 2009 / 11:44 PM / 9 years ago

Toyota to develop cheaper hybrid to rival Honda: Nikkei

TOKYO (Reuters) - Toyota Motor Corp (7203.T) plans to develop a new hybrid car that will sell for less than 2 million yen ($20,510) to rival a popular hybrid car launched by Honda Motor Co (7267.T), the Nikkei business daily reported on Friday.

<p>A vehicle and visitors are reflected on a Toyota Motor Corp logo at the Japanese automaker's showroom in Tokyo February 13, 2009. REUTERS/Yuriko Nakao</p>

Honda last month launched its new Insight hybrid in Japan at 1.89 million yen, and has enjoyed very strong demand for the gasoline-electric vehicle.

Toyota plans to launch the new hybrid as early as 2011 at a price about 20-30 percent cheaper than the popular Prius hybrid, which starts at 2.33 million yen, the Nikkei said.

The new hybrid will also likely be a subcompact with an engine smaller than the Prius’ 1.5 liter engine.

Toyota declined to comment.

Reporting by Nathan Layne

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