(
By Don Miller)
Toyota Motor Corp. (ADR NYSE:
TM),
the world's largest automaker, today (Tuesday) launched efforts to
maintain its leadership position by introducing a new hybrid model in
Japan and expanding into the Korean market where it will face stiff
competition from Hyundai Motor Co. Ltd. (PINK: HYMLF).
The announcements came on the heels of a surprise statement from Honda Motor Co. Ltd.'s (NYSE ADR: HMC)
Chief Executive Takanobu Ito, that Japan's second biggest car maker is
considering launching electric vehicles in the United States, Europe
and Japan.
Toyota, with its flagship Prius, is the unquestioned leader in the
fast-growing hybrid market, projecting it will sell 500,000 to 600,000
hybrid vehicles globally this year. It has a stated goal of selling 1
million hybrid vehicles annually after 2010.
Activity in the hybrid vehicle market has been heating up among the
world's carmakers, as most have plans to utilize the clean-fuel
technology in their next-generation cars.
While General Motors Co.'s much-anticipated Chevrolet Volt is
expected to hit showroom floors in 2010, Toyota and Nissan Motor Co.
Ltd. (OTC: NSANY) plan to offer plug-in electric vehicles (PHEV) globally by 2012.
Honda's decision represents a shift in strategy away from its
previous position that PHEVs were a short-range option employing
expensive batteries that would eventually be replaced by hydrogen
fuel-cell cars.
However, Honda has been unable to overcome logistics problems in
setting up networks of hydrogen fueling stations, forcing it to focus
on PHEVs as a short term solution to expand market share.
