Toyota Motors (NYSE: TM) plans to begin mass production of plug-in hybrid vehicles in 2012, according to a Saturday report in Japan's Nikkei business daily.
The report said the company expects first-year output to be about 20,000 to 30,000 vehicles, at a price that will be competitive with Mitsubishi Motors Corp's (7211.T) all-electric vehicle, which is available to fleet customers beginning this month. That vehicles is priced at at 4.59 million yen ($47,800) before government subsidies.
Nikkei reported that the plug-ins will be able to travel only 20-30 km (12.4-18.6 miles) on battery power alone at full charg--significantly less than the 40-mile target set by other plug-in hybrid makers, such as General Motors (NYSE: GM) for its Chevy Volt.
In June, Toyota said it plans to lease 500 plug-in hybrid versions of the Prius by the end of this year for government and corporate use. 200 will be leased in Japan and 150 each in the United States and Europe.
Toyota intends to power its plug-in hybrids with lithium-ion batteries made by its joint venture with Panasonic Corp (6752.T), Panasonic EV Energy Co.
