Toyota Cuts Price of Prius Plug-In Hybrid by $2,000

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.

Source: Toyota Motors.

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.

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  • Report this Comment On October 10, 2013, at 12:55 PM, gsned57 wrote:

    For the life of me I can't understand how they sold so many plug in Prius with the Volt $5000 cheaper before the tax break and $8500 cheaper after. I have a 2005 prius so I'm not knocking Toyota but they lost the technological lead they had in the plug in segment.

    If you are looking for a Plug in Vehicle there aren't a ton of choices but there are more than there were just 2 years ago. If you have them Money, a Tesla is the way to go. if you don't have the range anxiety a 80 mile range can give then go with the Chevy Spark or Nissan Leaf.

    If however you are looking for unlimited range that comes with an onboard gas generator the choices currently are the Volt, fusion energi, and PIP (Plug in Prius). The Volt can go 40ish miles without burining a drop of gas which is good for most peoples commute. Ford's plug in can do approximately 20 miles before you are using gas. The PIP is good for at best 11 miles in ideal conditions. Those conditions are you don't put the accelerater down to the floor, you don't go highway speeds, and you aren't going up a hill. For all intents and purposes the PIP works the same as a regular Prius but has a bigger battery.

    I'm happy we have 3 options to drive electric most of the time but it's hard to see the point of a car that has a price premium for the new technology but really doesn't offer nearly what the competition offers.

    I think Ford and GM leapfrogged Toyota with their offerings. The sales aren't there yet but owners love their Volts much like early Prius drivers did in the early to mid 2000's.

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