Toyota Motor Corp. is reducing the prices of its 2014 plug-in Prius models as it seeks to increase sales as well as to comply with California’s Zero-Emission Vehicle program. The 2014 Toyota Prius Plug-in now carries a starting price of $29,990, down $2,010 from the current version. The top-end Advanced grade is subjected to a 12-percent drop to $34,905, Toyota said in a statement.
The new versions, which will be available in November, are also eligible for a $2,500 U.S. tax credit. Existing 2013 Prius vehicles already on dealer lots are excluded in the price cuts, according to Toyota’s spokesman. He, however, noted that there are incentives available with the current models.
He remarked that depending on the region, incentives are available that either take the 2013 Prius near the 2014 price right now, or even below.
He reiterated that while there is no move nationally to get the 2013 Prius at the same price range as the 2014 version, there are incentives to “help close the distance."
Toyota started offering reduced lease and loan deals in August for its electric version of its RAV4 crossover to boost its sales. Honda, Nissan and General Motors have already cut the prices or are offering discounted leases on their plug-in models.
Toyota accounts for the largest share auto sales in California, which means that it’s under pressure to sell the most number of plug-in hybrids and battery-only vehicles in the state.