Toyota Prius Hybrid – The Base Price of the Prius Will Rise by 3 Percent

Toyota announced on Monday that the higher material costs are forcing the company to raise the price of its most popular hybrid in Japan, the Prius.

The base price of the Prius will rise by 3 percent to 2.38 million yen ($21,600), $670 price increase,  and the Harrier sport utility vehicle also will increase by 3%, to about $43,000. Prices for most of Toyota’s commercial vehicles will rise 2 percent on average.

”We are reluctant to raise prices in Japan because the market is so sluggish,“ Toyota spokeswoman said.

In July, the Toyota lowered its worldwide vehicle sales plan for this calendar year by around 350,000 vehicles to 9.5 million. Toyota is balming the sluggish North American market as the cause. This year, Toyota’s growth in vehicle sales has been slowing to a pace of 1 percent, compared with a 6 percent climb in 2007.