Toyota Motor Corp.
(7203) is discounting its all-electric RAV4 through low-cost lease and loan offers to boost demand for the slow-selling compact crossover that’s powered by a Tesla Motors Inc. (TSLA) battery pack and motor.
Toyota, the world’s biggest maker of hybrid autos, this month is promoting the option of a $299-a-month, three-year lease for the $49,800 light truck, or a 60-month, no-interest loan, said Carly Schaffner, a company spokeswoman. The offers run through Sept. 3 and are available only in the Los Angeles and San Francisco regions, the vehicle’s main markets.
Honda Motor Co., Nissan Motor Co. and General Motors Co. (GM) similarly have turned to discounted leases to buoy their rechargeable models. Toyota last year said it would sell 2,600 RAV4 EVs by the end of 2014. Through July, just 709 have been delivered since sales began last September.