Japan's Toyota is set to unveil the latest version of the Prius in Korea next week, intensifying competition with homegrown auto giant Hyundai Motor in the steadily growing hybrid car market, industry sources said Tuesday.
According to the sources, Toyota plans to introduce its fourth-generation model of the Prius on March 22 to the Korean market, its third global market debut after Japan and the United States.
The Prius has been the dominant player in the hybrid electric vehicle (EV) market since its global debut in the late 1990s. Its cumulative sales worldwide stand at around 3.5 million units.
In the U.S., in particular, the sales of the Prius along with its family lineup of the Liftback, C and V models came to over 180,000 units last year. The figure was down 7 percent from 2014 due to the overall market slump, but its market share rose from 43 percent to 47 percent according to industry data.
Its planned launch in Korea is expected to intensify competition in the hybrid vehicle market where Hyundai Motor, the country's largest automaker, recently unveiled its first dedicated EV model.
The Ioniq hybrid hit the market here in mid-January, boasting a fuel efficiency of 22.4 kmpl, which Hyundai Motor claims is better than the third-generation Prius.
Hyundai Motor publicly singled out the Prius as its main rival, throwing down a gauntlet to the Japanese model and showing confidence that it will lead the hybrid market eventually."We see the Prius as our main rival for the Ioniq," Ryu Chang-seng, a high-ranking official of Hyundai Motor in charge of marketing strategy, said during a launch event on Jan. 14. "It will lead the global market despite its belated launch compared to the Prius."
The latest sales numbers for the Ioniq seem to fit the bill, at least so far. In January, its sales stood at 493 units, but they spiked to 1,311 units last month, according to company data.
Market watchers said that it would not be easy for the Ioniq to defeat the Prius right away given the Japanese model's brand recognition and its track record accumulated over the past decades.
It also has its own selling points in design and relatively cheap prices.
"Given the pros and cons of each model, all will come down to fuel efficiency. This will very likely determine which model will lead the market down the road," a market expert said on the condition of anonymity.
The exact fuel efficiency data for the Prius converted to Korean standards has yet to be confirmed, but experts said that it will be in almost the same range as that of the Ioniq. (Yonhap)