Honda has revealed that it is poised to step up its price war with Toyota as it seeks to wrest away its rival's dominance of the global market for hybrid cars.
The company announced yesterday that it is to unveil its new hybrid car, named the Insight, at the Paris Motor Show in October and while precise pricing details were not disclosed, executives hinted that the car would be significantly more affordable than both its own Honda Civic hybrid and Toyota's Prius.
Honda president Takeo Fukui has said he wants to keep the price premium for the new five-door Insight compared with an equivalent gas engine model to under $19,000 (£11,000). The car is set to launch in Japan, the US and Europe early next year.
The announcement comes just weeks after Honda said the next version of its Civic hybrid would also be priced to undercut the Prius. Toyota, meanwhile, is expected to respond soon with the launch of a new version of its flagship Prius, which has already sold a million units worldwide and has become synonymous with the hybrid car market.
In related news, Indian engineering giant Tata has become the latest car manufacturer to attempt to break into the growing market for electric vehicles, unveiling a plug-in version of its Indica hatchback.
The company said it plans to launch the car, which will have a Lithium-ion battery with a 110-mile range when fully charged, in Norway in 2009 and in India a year later.
Hybrids and electric cars dominate US auto show as manufacturers focus on fuel efficiency 14 Jan 2009
Ener1 claims that as demand for hybrids continue to rise, lithium-ion battery manufacturers could slash the cost of the technology in half 01 Sep 2008
Honda says next hybrid offering will be cheaper than the Prius 18 Aug 2008
Japanese auto giant confirms it will launch a new lower-price hybrid model to take on Honda's Insight 27 Mar 2009
Manufacturer backed Warren Buffet to debut first plug-in hybrid production model in Detroit later today 12 Jan 2009
Survey of public sector IT managers reveals deep concern over ability to deliver on carbon-neutral targets 03 Jul 2009
Fresh funding will provide new wave energy research equipment and support research 03 Jul 2009
EPA hints it could soon raise efficiency bar for routers, modems and storage systems 03 Jul 2009
More news
From record-breaking solar panels to the International Renewable Energy Agency's new home, we round up the top stories from the past week 03 Jul 2009
Well, I hope they got a no win, no fee deal. I don't like being cynical (it's more of a congenital thing)... 03 Jul 2009
Recycling waste heat is nothing new, so why has the computer industry not kept up? 01 Jul 2009 More in-depth
Post your comment
Send an email to the Business Green editor at feedback@businessgreen.com
