Toyota ( TM) may cut the price of its Prius gasoline-electric hybrid car in Japan to match Honda's ( HMC) Insight, a report says.

Bloomberg reports Toyota spokesman Yuta Kaga declined to confirm or deny a Nikkei newspaper report that said the starting price of the Prius will be cut to 1.89 million yen ($19,250) from 2.33 million yen. The Insight hybrid, which went on sale in Japan in February, starts at 1.89 million yen.

Toyota plans to introduce later in 2009 a revamped Prius with higher mileage and more power than the current model and the Insight, according to Bloomberg. Both automakers are betting on fuel-efficient models as governments worldwide tighten emission standards.

The Prius accounted for half of all gasoline-electric models sold in the U.S. last year. The price reduction would apply to the current Prius model, according to Bloomberg.

Honda's Insight goes on sale in the U.S. this month, with the automaker aiming to sell 5,000 Insights a month domestically and has said it hopes to sell 100,000 in North America in the model's first 12 months. Toyota's U.S. target is 180,000 units of the new Prius in its first full year, Bloomberg reports.

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