New cars are front and center at this year’s Detroit Auto Show. But one car in particular is generating some real buzz.
On Monday Toyota unveiled its third-generation Prius hybrid, the world's top-selling "green" car, targeting U.S. sales of 180,000 units in the first 12 months and 400,000 globally in 2010.
The carmaker said the new Prius achieved a combined city/highway mileage of 50 miles per gallon, an improvement over the 46 mpg for the current model and 41 mpg for the first version.
The car will hit showrooms in Japan and the United States in late spring, followed by other markets around the world.
"They’ve got first mover advantage,” explains CNBC’s Phil LeBeau on Fast Money. "That's huge. They can leverage that in the future."
"We're very bullish about the new Prius," adds Bob Carter, group vice president of Toyota Motor Sales."
Toyota has sold 1.7 million hybrid vehicles globally since it blazed the trail with the first Prius in late 1997.
Other Green Cars
GM, Chrysler, Ford and Honda also updated plans to offer all-electric or new hybrids in the next few years.
GM had garnered the limelight two years ago with the introduction of the Chevrolet Volt electric concept car, which on Sunday it again said it plans to have on sale by late 2010.
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Trader disclosure: On Jan. 12th, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (TM), (WMT), (MGM), (MCD), (SDS); Adami Owns (AGU), (C), (BTU), (GS), (INTC), (MSFT), (NUE); Najarian Owns (MS); Najarian Owns (EEM) Long Call Spread; Najarian Owns (ERTS) Long Call Spread; Najarian Owns (DNA) Calls; Najarian Owns (XME) Calls; Najarian Owns (NVLS) Calls; Najarian Own (NVDA) Calls; Najarian Owns (MS) Short Calls; Najarian Owns (VZ) Put Spread; Finerman's Firm Owns (MSFT), (DNA); Finerman's Firm Is Short (IYR), (IJR), (IWM), (MDY), (SPY), (USO), (ANF), (DSX), (BBT), (COF), (EGR)