Toyota May Drop the Price of the Prius

The Toyota Prius is currently Japans best-selling model and since its image is changing in Japan, Toyota may eventually lower the price of the Prius.

According to Nomura Research Institute Ltd., the image of the Prius has changed since it was introduce over 10 years ago. It’s high volume sales have now made car buyers see it as a “friendly” brand instead of a “leading edge” brand according to a recent survey conducted by Fumikazu Kitagawa of Nomura’s global automotive practice. Since the Prius is seen as “friendly” it is now competing against cheaper models like the Honda Fit.

Kitagawa stated, “As the Prius becomes more of a mass-market car, it may be time to think about lowering the price.”

Toyota cut the production cost of the third-generation Prius that was introduced in May 2009 by 30 percent from the earlier version. For the fourth-generation Prius, Toyota hopes to cut the cost of the car’s hybrid system by half.

Full Story: Bloomberg

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