According to the Kyodo News, Honda sources have confirmed that the Fit Hybrid will launch in Japan with a starting price of around 1.59 million yen ($18,600 U.S. at the current exchange rate). The aggressive pricing will make the Fit Hybrid the lowest-priced gasoline-electric vehicle available in Japan when it debuts this October. Indeed, if Honda sticks with this reported price, then the Fit will undercut the company's own Insight by a rather remarkable 300,000 yen ($3,510 U.S.)
While the Fit Hybrid may initially be the cheapest gasoline-electric vehicle in the land, it's unlikely that it will retain that title for long. Kyodo News adds that Toyota plans to release a compact hybrid sometime next year and it will likely be priced in the ballpark area of 1.5 million yen ($17,554 U.S.). Additionally, Toyota fully expects that its upcoming compact hybrid will be capable of returning nearly 95 miles per gallon (U.S.), whereas Honda expects the Fit Hybrid to hit 70 mpg. As is often the case, it appears as though Toyota simply won't be beat in the hybrid segment. Still, we applaud Honda for trying.