The key difference between the standard "liftback" Prius and the PHV model that was the [main] focus of the event held on September 16, 2011 in Richmond, California, apart from the price that is, is the plug-in model's ability to run up to 15 miles as an electric car, after which the Hybrid Synergy Drive takes over. That's 15 percent better than the earlier demonstrators. In EV Mode, Toyota's estimates it delivers the equivalent of 89 miles per gallon. In hybrid mode that drops back to a still Volt-beating 49 mpg average. Recharge time at 115V takes just 3 hours, less than that with the new Leviton Level II charger that will be available for a starting price of $999 installed.

Pricing on the PHV model is $32,000 for the base model and $39,525 for the top-of-the line "Advanced" model with all the "bells and whistles," which puts it within a few hundred dollars of the base version of the Chevrolet Volt, its nearest competitor that offers up to 50 miles of EV driving range.

Toyota's Corporate Manager of Car and Van Marketing, Rick LoFaso isn't troubled by that, pointing out that what potential Volt buyers give up in EV range, they more than make up for in amenities and better hybrid fuel economy… at least for now. The PHV's smaller 4.4 lithium battery pack qualifies for the minimum federal tax credit of $2,500, as opposed to the Volt's $7,500. So, it will be interesting to see how the two compare in side-by-side sales.