Toyota Ready to Rock Electric World in 2012 $TM

prius Toyota Ready to Rock Electric World in 2012 $TM

Toyota Motor Corporation (NYSE:TM) has announced it will offer a plug-in electric version of its Priushybrid by 2012. The company also stated it could have two all-electricvehicles on the market within the same time frame.

Additionally, Toyota, the world’s largest car manufacturer, revealed it will add six new hybrid models to its fleet by 2012.  With the additions of the new plug-in and hybrid cars, Toyota will boast 20 vehicles that either use batteries orregenerative braking to generate better fuel economy.

Previously cautious about the plug-in electric hybrid vehicles, Toyota’s concerns seemingly have been eased.  The company plans to start selling the plug-in Prius in June 2012. 

Company officials said the car will sell for roughly US$3,000 toUS$5,000 more than a standard Prius.  With this pricing scheme, aplug-in Prius that can drive the first 13 miles on electric power and be charged at home would retail for US$28,000. Toyota expects to sell20,000 vehicles in the first year.

Toyota’s announcement is certainly aimed to challenge General Motors’ Chevy Volt and Nissan’s Leaf for leadership in the growing electric vehicle market.

Read the full story at Reuters: Toyota readies electric car offensive

Original Article on EnergyBoom