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He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

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He worked 100-hour weeks to save a nearly bankrupt boat company. At 83, he’s just turned down $400 million for it—and gave it all to charity instead

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Costco's $14 million email settlement: Who qualifies for an up-to $500 payment and how to claim before the Aug. 24 deadline

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Jamie Dimon says his stockbroker father taught him to invest with a 'brutally hard' childhood game
Toyota

Meet Toyota’s brand new Prius

By
Jonathan Chew
Jonathan Chew
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By
Jonathan Chew
Jonathan Chew
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September 9, 2015, 1:00 PM ET
The 2016 Toyota Prius.
The 2016 Toyota Prius.Courtesy of Toyota
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Toyota has taken the wraps off the 2016 Prius, the next-generation hybrid that arrives in a period of struggle for the green-conscious segment.

Unveiled in a presentation in Las Vegas, the new Prius will add 10% to the hybrid’s fuel economy rating – which is already the best-in-class among vehicles without a plug – reaching around 55 miles per gallon. The big emphasis, however, has been on the car’s sleeker redesigned exterior, a move the company hopes will transition the vehicle into a mainstream buy.

“Prius set the global benchmark for hybrids, but now is breaking its own boundaries with more engaging style and fun-to-drive dynamics,” Bill Fay, group vice president and general manager of the Toyota Division, said in a company statement.

It’s the first update since 2009 for the Prius, the world’s first mass-market hybrid when it was introduced in December 1997. Today, Toyota’s pioneering vehicle has several factors working against it. Gas prices in the U.S. have dropped to its lowest levels since 2004, and coupled with the insatiable demand for SUVs, hybrids sales have plateaued. Total hybrid sales in the U.S. has dropped by 18% this year, and the Prius, the best-selling hybrid in the market, has seen sales fall by around 15% in the same period.

The Prius also bears a striking resemblance to the Mirai, the hydrogen fuel cell car that Toyota will be launching sometime in October. The Mirai is set to roll out in eight Californian showrooms, along with launches in the U.K., Denmark and Germany. Sold in Japan since last December, production is ramping up to meet demand, which is said to have tripled projections.

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