Toyota Motor Corp.'s North American chief said vehicles powered by gasoline-electric hybrid engines will dominate U.S. roads as fuel prices continue to rise. The largest Japanese automaker hopes high fuel prices push drivers from gas guzzlers to more efficient product lines.
"Eventually, everything will be a hybrid," said Jim Press, president of Toyota Motor North America, in an interview Tuesday in New York. Hybrids have been driving Toyota's growth in the U.S., he said.
The Japanese automaker would benefit from increasing consumer acceptance of the technology. So far this year, hybrids have accounted for just 2.3 percent of all cars and light trucks sold in the United States while demand has increased by 60 percent. Toyota sells three out of every five hybrids purchased in the U.S., most of them Prius models.
Toyota executives have said they expect at least 175,000 Prius hybrids to be sold in North America this year, up from about 109,000 in 2006. Hybrids limit fuel use and slash emissions by combining a gasoline engine, an electric motor with a battery pack and brakes that capture energy from stopping.
"The Prius is the forerunner," Press said. "It's going to be like the Model T when you look back," he said, referring to the ever-present, low-cost Ford Motor Co. vehicle produced more than eight decades ago.
The Prius is one of the first mass-produced and marketed hybrid electric vehicles on the roads today. The 2000 model of the car slotted between the Echo and Corolla in the company's North American lineup, and is certified as a Super Ultra Low Emission Vehicle by the California Air Resources Board.
The 2004 Prius, a redesigned midsize hatchback, slotted between the Corolla and Camry, and is certified as an Advanced Technology Partial zero-emissions vehicle. The United States Environmental Protection Agency's revised fuel economy procedure rates the Prius at 48 mpg in city driving and 45 mpg on the highway.
The Prius first went on sale in Japan in 1997. In 2001, it was offered around the globe. Additionally, by the end of 2003, nearly 160,000 units had been manufactured for sale in Japan, Europe, and North America. What's more, the Prius has won numerous awards including Car of the Year awards in said territories.
The Prius was a milestone model for the largest Japanese automaker. The parts accessories of the hybrid are incomparable to that of BMW 325 parts and other models. Experts in the industry say that auto shoppers these days are looking for distinctive design and cutting-edge performance. No wonder why Prius is such a big hit.
Car owners also want to emphasize they are driving an environment-friendly car. This is why they opt to own a car with unique styling to go with its global warming concerns. Every time they drive the car, the fact is glaring - they are environment conscious!
Rising gasoline prices have also driven consumers into newer types of vehicles, such as crossover sport-utilities, and away from large SUVs, said Press. "You don't buy a car for image any longer that's a big gas guzzler."
There are currently 12 hybrids available, including the Civic hybrid from Honda Motor Co and the Escape SUV from Ford Motor Co. In U.S., the average price of a gallon of gasoline increased 28 percent this year to $2.98, according to the American Automobile Association. This is the third straight summer that gasoline prices have topped $3 in the U.S.
The Toyota City, Japan-based automaker's American depositary receipts fell $1.22, or one percent, to $125.71 in New York Stock Exchange composite trading. The receipts fell 6.4 percent this year.
