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It's also cutting the price of the the 2014 Prius Plug-in Advanced model by $4,620

Toyota is dropping the price of two of its Prius Plug-in models in an effort to keep up with the competition.

According to The Detroit News, Toyota lowered the price of the 2014 Prius Plug-in hybrid by 6 percent ($2,010) to $29,990 and the 2014 Prius Plug-in Advanced model by 11 percent ($4,620) to $34,905. 

“It’s dictated by market conditions," said Moe Durand, a Toyota spokesman. "When somebody starts that trend of allowing a little softer prices, market demand can determine price."

The latest cuts are likely an effort to reach annual sales goals, which is 12,000 Prius' sold for 2013. For the first nine months, Toyota has only sold 8,000. 

Many other automakers have been lowering prices this year, such as General Motors, which cut the Volt's price by $5,000 to $34,995; Ford, which cut the price of the Focus EV by $4,000 to $35,200, and Nissan, which slashed the Leaf's price by 18 percent earlier this year to $28,800 (and has seen a significant sales increase since).

Earlier this month, Toyota said it would pass on electric vehicles to focus more heavily on hydrogen fuel cell technology and continue releasing hybrid vehicles. For instance, the automaker said it would release 15 new hybrids and unveil its first hydrogen fuel cell vehicle by 2015. 

Toyota is focused on its next-generation Prius as well, which is expected to have better batteries with higher energy density. The company said it's using nickel-metal hydride and lithium-ion where necessary and even upped its research on new battery technologies like solid state and lithium air as well as magnesium. The Prius will also feature smaller electric motors; thermal efficiency of the gasoline engine will be boosted from 38.5 percent in current models to 40 percent in the next-generation; the use of Toyota New Global Architecture (TNGA) will allow for a lower center of gravity and increased structural rigidity, and better aerodynamics will offer an all-new exterior design.

Source: The Detroit News

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RE: About time
By jmerk on 10/11/2013 3:01:29 PM , Rating: 2
I have a plug-in prius and i have to say that there is a niche market for where this car really makes a difference. If you live about 15 miles from work and are able to plug in both at home and at work, then this car will really make a difference in your fuel bill. I have not seen any noticeable difference in my electric bill at home or at work. when i stick to the routine of going to work, plugging in, going home, plugging in, this car will get about 240mpg. The mpgs fall off if i do a longer trip or forget to plug in. There are months were i don't fill up at all. I know that not everyone will fit this model and this it is a niche market.

RE: About time
By vortmax2 on 10/14/2013 11:22:17 AM , Rating: 2
I have one too...leased. I wouldn't have done it unless there was a huge incentive (~$5,000). That made it a bit cheaper to lease than a non-plugin Prius 2 at the time...was a no-brainer. Unfortunately, I was hoping the low residual value would have some equity based on the high MSRP, but with it lowering, I'm not so sure now...dang.

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