Tokyo--Toyota Motor Corp. plans to develop a low-price hybrid car to challenge Honda Motor Co.'s Insight, the Nikkei Business Daily reported Friday.
The gasoline-electric car will sell at below ¥2 million ($20,619) as early as 2011 in Japan, the Nikkei said.
Honda's Insight hatchback, launched in Japan last month at ¥1.89 million ($19,485), logged orders of 18,000 units in its first month, more than three times its monthly sales target of 5,000 units.
Toyota plans to price its new model at about 20 to 30 percent cheaper than its current Prius hybrid by modifying Prius parts, the Nikkei Business Daily said. Toyota declined comment.
(Source: Automotive News)