Toyota Motor Corp said on Monday its new Prius had received pre-sale orders for 80,000 vehicles in Japan, kicking off what promises to be a fierce battle against hybrid rival Honda Motor Co. Toyota, which has dominated the market for gasoline-electric cars so far, is looking to take back the crown after Honda's new Insight became the first hybrid ever to top the best-sellers' list in Japan last month.
"The hybrid market is going to be one of the fastest-growing segments in the world," said JPMorgan Securities auto analyst Takaki Nakanishi.
"With the global economy in a recession, luxury and large cars are not selling but fuel-conscious cars are in fact growing. Toyota's earnings performance is hurting right now, and they can't afford to lose the lead in this market," he said.
Introducing the third-generation Prius, Executive Vice President Akio Toyoda said the upgraded model, which costs about $3,000 less than the previous version, had received more than 80,000 orders ahead of the start of sales on Monday in Japan, where it aims to sell 10,000 vehicles a month.
"We lowered the price to appeal to a broadening customer base," Toyoda, who will be promoted to president next month, told a news conference.
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