Toyota Motor Corp. is wagering U.S. car buyers will emerge from coronavirus shutdowns still wanting to buy new rides that sip fuel despite gasoline prices lingering near the lowest in years.
The manufacturer announced its two newest vehicles — the redesigned Sienna minivan and Venza crossover — will be available only as hybrids. The maker of the Prius was having trouble keeping gas-electric models in stock before the pandemic wiped out demand for much of the industry.
The outgoing-generation Sienna didn’t offer a hybrid option, nor did the Venza before it was retired in 2015. By making gas-electric powertrains standard for the 2021 model-year vehicles, Toyota is showing faith that hybrids — a bright spot for its U.S. lineup before Covid-19 — will keep selling strongly even though the national average price for a gallon of gasoline is below $2.
Toyota’s hybrid sales surged 29% last year and 58% in the first quarter of 2020. The company’s total deliveries dropped 37% in the first three months of the year.