Toyota is to build a hybrid petrol-electric
version of its Camry saloon at its factory in Kentucky, US in 2006. The
new came as the Japanese carmaker tries to satisfy booming demand for
the fuel-efficient vehicles.
The Camry will be the first Toyota hybrid assembled in the US, although
the electric unit is said to be imported from Japan.
The company will invest $10m in Kentucky for production planned for 48,000
Camry hybrids a year. Local production of the electric power unit is being
considered.
The hybrid version of the Camry, which is the best-selling car in the
US, is likely to add to pressure on rival manufacturers to speed up development
of their models. Only Japanese rival, Honda and America's Ford compete
for hybrid sales, although Toyota is still the leader with 34,225 Prius
sold by the end of April alone.
In a recent statement, the global giant carmaker said: "We are still
selling them as fast as we can make them." Its luxury brand, Lexus,
sold 2,345 of the 400h hybrid offroader in its first two weeks after launching
last month.
The popularity of hybrid-electric powered cars has been fuelled not only
by the success of the second-generation Prius, launched 18 months ago,
but also by the recent sharp increase in oil and petrol prices. Toyota
forecasts Prius sales of 100,000 this year but is well ahead of its target.
At the same time US consumers have turned away from the biggest gas-guzzlers,
hurting the two US giants, General Motors and Ford, both of which relied
on their arge sport utility vehicles for profits.
Nissan, which has licensed Toyota's hybrid technology, has warned that
its planned Altima hybrid will be loss making. The Renault alliance partner
plans to start making the car next year and will be able to build up to
50,000 units - although Carlos Ghosn, chief executive, said in January
he had little idea how much demand there would be.
GM and DaimlerChrysler have teamed up to develop their own hybrid system,
with the first vehicles planned to be launched in 2007.
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