Toyota Cuts Price of Prius Plug-In As Much As $4,600

Toyota Motor Corp. is dropping the price of its 2014 Prius plug-in hybrid models by 6%-12% to boost sales for its most-efficient vehicles.

The base 2014 Prius plug-in is down by $2,000 compared to a 2013 model to $30,000, while the highly equipped Plug-In Advanced grade sees a $4,600 cut to $34,900, Toyota says. The prices do not include an $800 destination charge.

The company's plug-in models aren't alone. In August Toyota began offering reduced lease and loan deals for its battery-powered RAV4 crossover to spur its sales. General Motors, Honda, Nissan and Daimler's Smart unit all have turned to discounted leases, price cuts or both for rechargeable models.

Bloomberg News notes that Toyota is under particular pressure to sell plug-in hybrids and battery-only vehicles in California to comply with the state's zero-emission vehicle program. The company has the biggest share of auto sales in the state and as a result must sell the most low-polluting models.

Toyota sold 12,800 plug-in models in the U.S. last year, missing its goal of 15,000. Deliveries through September total 8,000.

U.S. plug-in hybrid and battery-only vehicle sales reached a record 67,000 this year through September, up from 52,000 in all of 2012, according to Bloomberg News. GM's Volt plug-in is the top seller, with 16,800 deliveries, followed by Nissan's all-electric Leaf hatchback at 16,100, according to the companies.