Toyota unveils first hybrid version of its Land Cruiser

(REUTERS) – Toyota unveiled the first hybrid version of its Land Cruiser that it will bring to North America and other key markets as it seeks to put a high-margin and iconic sports utility vehicle back on the map.

Toyota, the world’s largest automaker by sales, announced that it will manufacture the latest model of its brand, which has a long history dating back to 1951. Additionally, they will produce a smaller, newly introduced variant at two of their factories in Japan, intending to export them globally from there.

In North America, the new model will be available as a hybrid, according to Toyota’s press release. For other markets like Europe and Australia, the new Land Cruiser will be offered with gasoline or diesel powertrain options.

Check out the interior of the 2024 Toyota Land Cruiser in its base 1958 form! pic.twitter.com/uCKxs8EQAf

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Hiroki Nakajima, Toyota’s chief technology officer, stated in an interview with Reuters that the company aims to fulfill customer demands while reducing overall carbon dioxide emissions.

The Land Cruiser and Alphard van, among other models, yield significant profitability for Toyota. According to Seiji Sugiura, an analyst at Tokai Tokyo Research Institute, this profitability can further increase if the models are marketed under the Lexus brand.

Toyota plans to launch the new Land Cruiser in Japan during the first half of 2024, with a subsequent release in the United States in the spring of that year. The suggested retail price for the United States market will start in the mid-$50,000 range.

In various regions such as Western and Eastern Europe and the Middle East, Toyota will offer both gasoline and diesel-powered versions of the new Land Cruiser. Furthermore, a smaller version of the Land Cruiser is expected to be introduced in Japan during the winter.

Toyota highlighted that the Land Cruiser, along with the luxury SUVs Lexus LX and GX, has achieved a collective sales milestone of 11.3 million units as of the end of the previous month.