Toyota Motor has launched a cheaper version of its Prius hybrid in Korea. The new model is priced at W31.3 million (US$1=W1,123), making it 17 percent less expensive than its predecessor and even more affordable than Hyundai’s Sonata hybrid (W32.95 million).
Toyota Korea released three models of the 2012 Prius series on Tuesday — the Prius E (W31.3 million), the Prius M (W37.7 million), which comes equipped with a Korean-style navigation system, and the Prius S (W41.2 million), the world’s first model to have a solar panel on its roof.
Hisao Nakabayashi, president of Toyota Korea, said, “Sales of the Prius rose 80 percent on-year here in 2011. By adding practical models [to our lineup, we’ll] strengthen our position as a leader in terms of eco-friendly cars.”
With the release of the new Prius, Hyundai’s Sonata and Kia’s K5 will likely face tougher competition. The Sonata and K5 hybrids sold over 12,000 units last year, but their sales have been lackluster this year. Hence, Hyundai Motor rolled out a cheaper version in an effort to boost sales. By eliminating several options, it reduced the price by W1.1 million. Also, the automaker has extended its warranty for parts to 10 years or 200,000 km, offering the nation’s best guarantee.
