Honda announced today that the hybrid version of the 2011 Fit/Jazz will carry a price tag of 1.59 million yen ($19,310) in Japan, which makes it the cheapest hybrid car on the market.
The Japanese carmaker is planning to sell about 5,600 units per month in Japan, but these numbers will grow as the car will be also introduced on the European market.
Currently, the leader in hybrid cars sales is Toyota, which introduced the Prius back in 1997, more than 13 years ago. Honda needs the Fit/Jazz hybrid to succeed after the Insight hybrid car lost the race with the popular Prius.
Regarding the Prius, a top Honda executive admitted that the Prius is an all-around better product than the Insight. The bad news for Honda continues as Toyota announced last month that it will produce a small hybrid model at its factory in France from 2012.
This will be the direct competitor to the Jazz hybrid. Honda announced that the hybrid version of the Jazz will deliver a fuel consumption of 4.4 liters/100 km or 70.6 mpg under Japanese testing methods.
The car uses a 1.3-liter engine but also an electric motors, delivering the performances of a 1.5-liter-powered car. Honda already said that it received pre-orders for about 10,000 Fit hybrids.