Toyota Motor Corp., the world’s largest automaker, cut the base price of its Prius hybrid by $1,000 to help beat back competition from Honda Motor Co.’s gasoline-electric Insight.
Honda started selling the Insight on March 24 with a sticker price starting at $19,800, less than the $22,000 for the current base-model Prius. Toyota will begin offering a 2010 Prius for $21,000 later this year, after higher-priced versions debut next month, according to its statement today.
The two hybrids from Japan’s largest automakers were introduced in the late 1990s, and since then Prius has led in sales, accounting for half of all such models sold in the U.S. Honda dropped the original two-seat Insight in 2006 and revived the name this year with a bigger model.
A top-end version of Prius, the world’s best-selling hybrid, will now cost $31,770, with features including rooftop solar panels to cool the cabin, a self-parking function and cruise control that automatically adjusts speed and distance based on traffic conditions. The most expensive version of the 2009 Prius is $27,795, according to Toyota’s Web site.
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