Toyota pushes Prius incentivesFaced with intensifying competition in hybrid market, the company's recent leasing and financing offers have spurred sales gains.NEW YORK (CNNMoney.com) -- To combat increased production and more competition from other hybrid vehicles, including some of its own, Toyota has introduced a large incentive program on its popular Prius. The "ECO-nomic savings bonus" on the 2007 Prius involves discounts on specific option packages. Discounts range from $600 to $2,000.
Toyota (Charts) offered some lease and financing incentives in February and March, resulting in Prius sales increases of 86.8 percent and 133.2 percent respectively. As recently as last year, the Prius was selling at prices close to its manufacturer's suggested sticker price, and there were waiting lists for the cars. Demand so outstripped supply of the Prius that, a year or more ago, owners could sell their used Priuses and get back just as much as they originally paid for the car. In the meantime, Toyota has increased production of the Prius to meet that demand. It also introduced a new hybrid version of its popular Camry sedan. The Prius, Camry Hybrid and Toyota Highlander Hybrid SUV have been the best-selling hybrid vehicles from the beginning of 2006 to last month, according to Toyota. Toyota shares edged upward Wednesday. Among the company's chief rivals are DaimlerChrysler (Charts), General Motors (Charts), Ford (Charts) and Honda Motor (Charts). Best time to buy a hybrid car: Right now Hybrids: Seven worries, seven answers |
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