TOKYO -- Toyota Motor Corp. plans to launch a hybrid vehicle that is cheaper and more fuel efficient than the Toyota Prius as early as 2011, a Japanese newspaper reported.
The car will share key parts with Toyotas Yaris and will get double the fuel economy of the subcompact, the report said. It will be sold in the United States, Japan and Europe.
The vehicle would cost about 1.5 million yen ($15,650) and deliver 94 mpg (2.5 liters per 100km), the Yomiuri Shimbun newspaper said, without revealing how it got the information.
Toyota spokeswoman Yoshie Matsuura said she could not discuss future product plans. But Toyota is known to be planning a small, inexpensive Yaris-based hybrid to compete with Honda Motor Co.s plans for a hybrid version of the Fit/Jazz.
The current Prius gets about 89 mpg, under a Japanese mileage test that is not comparable to U.S. or European tests.