Automotive publication MotorTrend has named the Toyota (TM) Prius gas-electric hybrid vehicle its 2024 “Car of the Year.”
“Toyota has fundamentally redefined the essence of a Prius with its new model,” said MotorTrend in a news release announcing the annual winner.
The Prius won the prestigious award based on its performance and affordability, beating out other finalists that included the updated Tesla (TSLA) Model 3, said MotorTrend.
The 2024 Prius is one of the more affordable hybrid cars with a starting price of $28,000 U.S.
The average new car in America now costs $48,000 U.S., according to Kelly Blue Book.
Toyota continues to be the global leader in gas-electric hybrid vehicles. It has sold 2.5 million hybrids so far in 2023, up 27% from a year ago. Hybrids account for 33% of Toyota’s annual sales.
Earlier this year, Toyota unveiled an ambitious new plan to develop fully electric vehicles and the batteries needed to power them.
The stock of Toyota has gained 37% this year and currently trades at $189.11 U.S. per share.
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