Sources: By Yoshio Takahashi, Dow Jones Newswires
TOKYO (Dow Jones)--Toyota Motor Corp. (7203.TO) launched Tuesday the first dedicated hybrid model under its upscale Lexus brand, aimed at capitalizing on surging hybrid sales as the company tries to return to profitability.
The world's biggest car maker by volume rolled out the HS250h midsize sedan in Japan, targeting monthly sales of 500 vehicles, and will introduce the model in North America in September, with a sales goal of 2,400 vehicles per month.
The release of the new model is an encouraging sign for the auto giant, reflecting brisk demand for fuel-efficient vehicles amid the economic slowdown, and as government steps to spur domestic demand for those vehicles begin to take effect.
Hybrid vehicles have gained market share since Toyota, the world's largest producer of hybrid vehicles, and second-placed Honda Motor Co. introduced their relatively low-priced models earlier this year.
Honda's new Insight hybrid, which was brought to the market in February, took the top spot in Japan's monthly auto sales by model in April before Toyota's redesigned Prius, which debuted in May, grabbed first place in both May and June.
The launch of the new Lexus sedan follows a plan outlined Monday by Honda to introduce two new gasoline-electric powered cars next year, underscoring an aggressive push by both companies to boost sales of their fuel-efficient cars.
Toyota has already received pre-launch orders for over 3,000 vehicles of the new HS250h model in Japan as of Tuesday, more than six times the monthly sales target, Toshio Furutani, a Toyota managing director, said Tuesday at a press conference.
Toyota said it expects to post a loss for the second straight year in this fiscal year.
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