It’s a sad day for the grandfather of electric cars. Toyota is dumping their inventory of the Prius before the next model year of the hybrid arrives.
When gas prices are sky high, electric cars like the Prius were in hot demand. Not anymore though. Sales of Toyota’s hybrid were off 26.7% to 11,027 last month and 25.2% to 67,405 in the first 6 months of this year.
The company has sold 3.7 million worldwide since the cars inception in 1997.
The eletric car competition has had the Prius hustling to try to get back to the lead but it may be impossible. Almost every large global car manufacturer now has a hybrid car or more in their line up. When Toyota’s Prius first hit the market, it was a totally different ball game with hardly any competition. Even Toyota now has hybrid versions of its other cars like the Camry and Avalon.
It looks like Tesla may have a definitive edge over the electric car market soon.
Disclaimer: We have no position in Toyota Motor Corp (ADR) (NYSE: TM) and have not been compensated for this article.