Toyota plans to launch a JPY1.5m ($15,760) Yaris-based hybrid compact in Japan late in 2011.
Toyota's new hybrid-only compact will use the platform and engine of the Yaris compact, which will be fully remodeled ahead of the new hybrid's launch, and feature a more cost competitive and fuel-efficient hybrid system than that of the Prius, but will cost considerably less when it goes on sale, the Asahi Newspaper reported.
Toyota may produce the Yaris-based hybrid not only in Japan but also in France for sale in Europe.
The new Toyota hybrid compact is expected to compete with the hybrid version of Honda's Fit compact, which will debut in Japan next year.
Demand for hybrid vehicles has jumped in Japan, helped by government tax breaks and subsidies on green cars.
Toyota sold 22,292 Prius hybrids in June, up from 6,231 in the same month last year. Rival Honda has also enjoyed strong sales of its Insight hyrid, which was Japan's top-selling car in April.
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