Toyota pushes hybrids with new model, S.Korea launch
* Aims to sell 36,000 new Sai hybrid sedans a year in Japan
* Launches Prius, Camry hybrids in S.Korea, taking on Hyundai (Recasts, adds South Korea model launches)
TOKYO/SEOUL, Oct 20 (Reuters) - Toyota Motor Corp (7203.T) isramping up its push on gasoline-electric hybrids, launching a newmodel in Japan and taking on up-and-coming competitor HyundaiMotor Co (005380.KS) in its Korean home market with its flagshipPrius.
Toyota said on Tuesday it aims to sell 36,000 units a year ofits new Sai hybrid sedan in Japan, taking another step towardsits goal of selling 1 million hybrid vehicles annually worldwidesoon after 2010.
The Sai sedan is the second hybrid-only model under theToyota brand after the Prius, and is a repackaged version of theLexus HS250h hybrid, which went on sale in June.
Toyota also on Tuesday launched its brand in South Korea, amarket dominated by Hyundai and affiliate Kia Motors Co(000270.KS), first with the Prius and Camry hybrids, as well asthe RAV4 sports utility vehicle and non-hybrid version of theCamry, its most popular sedan.
Hyundai has been grabbing market share globally from Toyotaand other major automakers, winning over customers with its lineof cheap, fuel efficient models and catchy marketing campaigns.
In July, Hyundai unveiled its first hybrid car, which usesliquefied petroleum gas, in the South Korean market and is due tolaunch its first gasoline-electric hybrid, a version of theflagship Sonata, in the latter half of 2010.
Toyota, the world's biggest automaker, is miles ahead ofcompetitors in the fast-growing hybrid field, which has enjoyedtailwinds especially in Japan thanks to generous subsidies andreduced taxes on cleaner cars.
It expects to sell 500,000 to 600,000 hybrid vehiclesglobally this year, while facing a short-term battery supplybottleneck for anything further.
"The introduction of the Toyota brand into South Korea isaimed to meet the diversifying needs of consumers in this growingmarket," Toyota Executive Vice President Yukitoshi Funo told anews conference.
"We intend to make every effort to contribute to South Koreansociety and earn a loyal following."
Toyota expects to sell a combined 500 vehicles per monthinitially, aiming to raise that to a still-modest 700 unitsbeginning in 2010.
The Sai, which will go on sale in Japan on Dec. 7, starts at3.38 million yen ($37,290), compared with the Lexus HS250h'sstarting price of 3.96 million yen.
The Sai has a listed mileage of 23 km/litre (54 mpg), ortwice that of a comparable gasoline car, chief engineer ShigeruNakagawa told a news conference.
Toyota said it had no plans to export the Sai, which will bebuilt by unit Toyota Motor Kyushu in southern Japan.
Toyota said the Sai concept was derived from a Japanesecharacter meaning talent and coloration. (Editing by Lincoln Feast)
Source: Reuters
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