Toyota introduces hybrid Land Cruiser.
Toyota introduces hybrid Land Cruiser.
Toyota Unveils Hybrid Land Cruiser, Expanding Market Reach
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TOKYO, Aug 2 (ANBLE) – Toyota (7203.T) has made a major announcement by unveiling the first hybrid version of its iconic Land Cruiser. The world’s largest automaker aims to reintroduce this high-margin sports utility vehicle (SUV) to North America and other key markets, drawing on its historical roots dating back to 1951.
Toyota plans to produce the new Land Cruiser model, as well as a smaller variant, at two factories in Japan. From there, it will ship these vehicles overseas, significantly expanding its market reach. While the new Land Cruiser will primarily be sold as a hybrid in the United States, Toyota’s chief technology officer, Hiroki Nakajima, has confirmed that it will also be available in other fuel-efficient options. This move allows existing owners of less fuel-efficient Land Cruisers to make the switch to cleaner cars.
“We’ll offer vehicles that customers hope for,” Nakajima said.
The Land Cruiser models bring higher profitability to Toyota, much like its Alphard van and other vehicles. Seiji Sugiura, an analyst at Tokai Tokyo Research Institute, highlighted that Land Cruisers and Alphards have been consistently profitable under the Toyota brand. Furthermore, Sugiura suggests that profitability would increase if these models were sold under the luxury Lexus brand, an interesting possibility for future consideration.
Toyota has provided a timeline for the release of the new Land Cruiser. It will hit the Japanese market in the first half of 2024, followed by its introduction to the United States in the spring of the same year. Toyota has indicated that the suggested retail pricing in the United States will start in the mid-$50,000 range, appealing to a wider customer base.
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Interestingly, Toyota plans to offer gasoline and diesel-powered versions of the new Land Cruiser in Western and Eastern Europe, the Middle East, and other markets. Additionally, they have announced intentions to introduce a smaller Land Cruiser version in Japan during the winter.
Toyota’s Land Cruiser, as well as the luxury SUVs Lexus LX and GX, have collectively achieved 11.3 million unit sales as of the end of last month. This impressive count emphasizes the enduring popularity and trust customers place in these vehicles.
In conclusion, Toyota’s introduction of the hybrid Land Cruiser represents a bold move to revitalize and expand its market presence. By combining their expertise in hybrid technology with the iconic design and performance of the Land Cruiser, Toyota aims to provide customers with the vehicles they desire. With global availability and options for different markets, the new Land Cruiser is poised to continue the success story established by its predecessors.
