Is there Any Serious Threat to Toyota's HEV Market Segment Dominance?
If any rival automaker was about to challenge Toyota's dominance in the gasoline-electric hybrid vehicle (HEV) market, now is probably not the time.
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| Word has it Toyota Motor Corp. plans to double worldwide HEV production to 500,000 units in 2006. (Photo: Trevor Hofmann, Canadian Auto Press) |
Toyota Motor Corp. plans to double worldwide HEV production to 500,000 units in 2006, from its current level of 250,000 units, reported Asahi Shimbun newspaper on Tuesday.
Toyota claims that the North American market is fueling demand for its economical hybrids, and in order to meet the demand production needs to be ramped up substantially.
Currently, Toyota makes the midsize Prius liftback and Lexus RX 400h crossover sport utility. The Toyota Highlander Hybrid will enter the market soon, followed by a hybrid version of the top-selling Camry. Other Toyota models expected to get the hybrid treatment are the Sienna minivan as well as the brand's full-size Sequoia SUV and Tundra pickup truck, but no announcement has been made by the world's number two automaker about production.
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| With all of the hybrid-powered products coming down the pipeline, it looks as if Toyota's goals of one million HEV unit sales per year won't take too long to achieve. (Photo: Toyota Canada) |
Toyota's Lexus division has announced a hybrid version of the new GS, dubbed the GS 450h, and an HEV variant of the next generation LS is expected too, featuring V12 power combined with V6 fuel economy.
With all of the hybrid-powered products coming down the pipeline, it looks as if Toyota's goals of one million HEV unit sales per year won't take too long to achieve. Still, the automaker initially planned to be selling 300,000 hybrids annually by model year 2005 and its current target of 180,000 Prius models and 62,000 RX 400h and Highlander Hybrid SUVs puts it way below the previous forecast.
