Tokyo (AP) Toyota is convinced that hybrid cars are the wave of the future, and that even the wealthy will want them. So the automaker has unveiled a luxury sedan, the Lexus LS that will sell for $124,000 in the United States.
Executives with Japan's number-one automaker are fully convinced that hybrids are the way of the future. And they're betting that growing consumer concern about the environment and higher gas prices will lure wealthy buyers to the new model. It went on sale Thursday in Japan and arrives later around the globe.
Toyota introduced its first hybrid, the Prius, ten years ago. It sold about 300,000 hybrids worldwide last year, and it plans to sell a million hybrids annually sometime after 2010.
Next month, the hybrid LS will roll out gradually in Europe, North America and Asia, including China, and other regions.
Toyota expects to sell 7,000 Lexus LS cars this year.