Toyota Motors (NYSE: TM ) announced today that it will cut the prices of its 2014 Base and Advanced Prius Plug-in models by $2,010 and $4,620, respectively. The price cut will mark a drop of 6% from $32,000 to $29,990 for the base model and 12% from $39,525 to $34,905 for the advanced model.
Through Sept. 30, 7,974 Plug-in Pruis models had been sold in 2013, approximately a 4% sales increase over the same period last year. However only 1,152 models were sold this September, compared with 1,652 in September 2012, a 24% decrease.
In August, General Motors also announced a $5,000 price cut on its popular Chevy Volt model, from $40,000 to $35,000.
Year to date, plug-in hybrid market have sales have broken down as follows:
- Toyota Prius: 9,974
- Nissan Leaf: 16,076
- Chevy Volt: 16,760
The 2014 models will begin production in October and will be available in showrooms in November. The Prius Plug-In is currently available in only 15 states: Arizona, California, Connecticut, Hawaii, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Oregon, Rhode Island, Vermont, Virginia, and Washington. The car also qualifies for a $2,500 federal tax credit.