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Toyota to start leasing plug-in hybrid vehicles

“We’re encouraged that consumers are beginning to return to showrooms and that the industry continues to show signs of stabilization.” — Don Esmond, senior vice president of automotive operations for Toyota Motor Sales

Toyota Motor Corp said yesterday it would start leasing plug-in hybrid cars that are even greener than its hit Prius by the end of this year in the US, Japan and Europe.

Toyota, the world’s top automaker, will start leasing 200 plug-ins in Japan, 150 in the US and 150 in Europe, mostly for rental, such as through special government-backed programs, it said in a release.

Toyota will for the first time use lithium-ion batteries in the plug-ins. The batteries are already used in some cars but more common in laptops and other gadgets.

MORE ENERGY

Toyota hybrids now use nickel-metal hydride batteries. Using a lithium-ion battery will produce more energy, allowing the car to run more as an electric vehicle, but there have been some technological hurdles.

A plug-in recharges from a regular household socket. When the battery runs low, it will start running as a regular hybrid so drivers don’t have to worry about running out of juice on the road.

Automakers around the world are working on plug-in models.

Recharging stations are expected to proliferate in the cities of the future, much like gasoline stands, for recharging.

The booming sales of the revamped Prius, which went on sale last month, have been a rare bright spot for Toyota.

Battered by the global slump and the strong yen, the maker of the Camry sedan and Lexus luxury models recorded its worst loss in its seven-decade history for the fiscal year ended March.

In the US, Toyota’s market share fell to 16.5 percent last month from 18.4 percent a year earlier as its sales fell 41 percent to 152,583 vehicles, Autodata said.

That allowed Ford to overtake the Japanese automaker for the No. 2 spot with 16.8 percent of the US market, even as sales last month fell 24 percent to 155,954. Ford’s share in May last year was also 16.8 percent.

SALES DROP

Total US auto sales last month were down 33.7 percent year-on-year at 925,824 vehicles, Autodata said.

But automakers took comfort in the fact that the seasonally adjusted annualized rate of 9.91 million was the industry’s best performance this year.

“The big jump in consumer confidence in May translated into a solid gain in retail vehicle sales compared to April,” said Don Esmond, senior vice president of automotive operations for Toyota Motor Sales.

“We’re encouraged that consumers are beginning to return to showrooms and that the industry continues to show signs of stabilization,” he said.
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