The compact gas-electric hybrid will have a fuel efficiency of more than 40 km per liter and will be priced around ¥1.5 million, which is lower than the ¥2 million price range of the Prius and Honda Motor Co.'s Insight hybrid, the sources said.
The price competition is likely to intensify with rival Honda, Japan's second-largest automaker, which is also planning to release a hybrid version of its Fit compact in 2010.
Toyota's compact hybrid will be based on its Vitz model, which will be powered by a hybrid system that will be smaller than the current combined system of the gasoline engine and electric motor.
Fully electric zero-emission cars, already rolled out by Mitsubishi Motors Corp. and Fuji Heavy Industries Ltd., are also considered another competitive alternative to hybrids, especially as Nissan Motor Co. is preparing to launch its hatchback-type electric vehicle next year.
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