Toyota Motor Corp (ADR) (TM)’s Next-generation Prius Is Not Plain Vanilla, Says AutoNation (AN)’s Chairman, Mike Jackson

Toyota Motor Corp (ADR) (NYSE:TM) is doing some hard thinking as it prepares to bring a new version of its Prius hybrid car to market later this year. When the company introduced Prius back in 1997, it was the darling of the Hollywood – a green-car. However, since Elon Musk’s Tesla Motors Inc (NASDAQ:TSLA) came up with its all-electric vehicles, a lot has changed for Toyota and its Prius nameplate, requiring major shifts to crack the competitive luxury market. According to Mike Jackson, the chairman and CEO of AutoNation, Inc. (NYSE:AN), there is no doubt the new Prius will come with impressive features to address the boring perception haunting Toyota vehicles.

Beyond its hybrid feature, Prius also boasted cutting-edge technology that included Bluetooth connectivity and rear-view cameras. Those are no longer outstanding features to make Prius the revolutionary car that it was thought to be as more challengers are now driving green-car technology to whole new levels and some of the cutting-edge technology of yesterday have become standard features.

Jackson stated that Toyota Motor Corp (ADR) (NYSE:TM) will be pushing more exciting driving experience in Prius if it can produce the car on the basis of the prototype it showed dealers in August. Jackson says that the new version of Prius is not going to be plain vanilla, adding that Toyota has tried to introduce personality in the next-generation Prius.

The new Prius is expected to be the first visible result of the efforts Toyota New Global Architecture (TNGA), which is a way for the company to rethink its business. TNGA describes a way whereby multiple vehicles are able to share common foundational features and components.

Cost saving and image improvement

Toyota Motor Corp (ADR) (NYSE:TM) is battle the perception that is vehicles look boring. The company hopes that TNGA will lead to cost savings of up to 30%, and the savings can be channeled to giving the cars a better touch to make them more exciting to ride. Besides the cost improvement, Toyota is also pushing to bring more fuel economy to its hybrid brands.

A lot of work to do

If the new Prius happens to be the car that Toyota Motor Corp (ADR) (NYSE:TM) hopes to mark a turning point in its design, the company will have a lot of work to prove its design prowess in the car.

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Published by Donna Fago

I believe in writing content Informing investors with the knowledge they need to invest better today- I have been following the markets for many years and was asked to join the team at recently due to my passion for the markets.

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