Toyota launches Lexus hybrid sedan in Japan
03-16-06, 02:59 PM
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Toyota launches Lexus hybrid sedan in Japan
Toyota launches Lexus hybrid sedan in Japan
TOKYO (MarketWatch) -- Toyota Motor Corp. (7203.TO) said Thursday it has launched its first gasoline-electric hybrid sedan under its upscale Lexus brand, a move that could enhance its sales of environmentally friendly hybrid vehicles.
The rollout of the gas-electric-powered Lexus GS model comes at a time when the automaker is striving to boost luxury-brand sales in its home market. Its domestic Lexus sales last year totaled about 10,000 vehicles after introducing the brand in Japan in August, falling short of its initial target of 20,000.
The company first launched the Lexus brand in the U.S. in 1989.
But Toyota President Katsuaki Watanabe isn't too worried about the slower-than-expected sales expansion, saying his company aims to steadily build brand recognition.
"We've launched this model today, and we'll unveil our new LS (model) in autumn. We've been strengthening our lineup as we planned," the president said at a press conference for the hybrid model.
By combining a 3.5 liter engine with an electric motor, the new model provides driving performance on par with a conventional 4.5 liter vehicle, while fuel efficiency is equivalent to that of a 2.0 liter engine, Toyota said.
Still, the president said the company needs to slash prices of hybrid vehicles to promote their popularity. The new GS costs about Y7.0 million, which is Y1.6 million higher than the non-hybrid GS model.
Toyota, the leading hybrid vehicle maker, launched the world's first mass-produced gas-electric power car - the Prius - in 1997. It is now working to halve the cost of the advanced propulsion system to reach a sales target of 1.0 million hybrid vehicles as early as 2010.
The company aims to market the new model in North America in April, and in Europe and Oceania in May. Toyota is targeting sales of 5,700 of the new hybrid models globally this year.
Overall, the company aims to sell 490,000 Lexus vehicles worldwide in 2006.
TOKYO (MarketWatch) -- Toyota Motor Corp. (7203.TO) said Thursday it has launched its first gasoline-electric hybrid sedan under its upscale Lexus brand, a move that could enhance its sales of environmentally friendly hybrid vehicles.
The rollout of the gas-electric-powered Lexus GS model comes at a time when the automaker is striving to boost luxury-brand sales in its home market. Its domestic Lexus sales last year totaled about 10,000 vehicles after introducing the brand in Japan in August, falling short of its initial target of 20,000.
The company first launched the Lexus brand in the U.S. in 1989.
But Toyota President Katsuaki Watanabe isn't too worried about the slower-than-expected sales expansion, saying his company aims to steadily build brand recognition.
"We've launched this model today, and we'll unveil our new LS (model) in autumn. We've been strengthening our lineup as we planned," the president said at a press conference for the hybrid model.
By combining a 3.5 liter engine with an electric motor, the new model provides driving performance on par with a conventional 4.5 liter vehicle, while fuel efficiency is equivalent to that of a 2.0 liter engine, Toyota said.
Still, the president said the company needs to slash prices of hybrid vehicles to promote their popularity. The new GS costs about Y7.0 million, which is Y1.6 million higher than the non-hybrid GS model.
Toyota, the leading hybrid vehicle maker, launched the world's first mass-produced gas-electric power car - the Prius - in 1997. It is now working to halve the cost of the advanced propulsion system to reach a sales target of 1.0 million hybrid vehicles as early as 2010.
The company aims to market the new model in North America in April, and in Europe and Oceania in May. Toyota is targeting sales of 5,700 of the new hybrid models globally this year.
Overall, the company aims to sell 490,000 Lexus vehicles worldwide in 2006.
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