Local website Best Car Web states that work is currently underway on the next-gen model, and it's supposed to come out or launch in January 2023. That means it could take until the 2024 model year to hit dealerships.
So why is Toyota simultaneously working on EVs and hybrids? Well, the recent catalytic converter theft videos have shown us how popular the Prius is. It's especially true in California, where it's a big element of the suburban landscape.
The current generation is the 4th, and it made its debut in 2015 during the Los Angeles Auto Show. It's already migrated to the TNGA (Toyota New Global Architecture) platform, which the 5th-gen model will retain.
The powertrain is said to consist of another 1.8-liter four-cylinder engine and a lithium-ion battery. However, we're told to expect big improvements in fuel efficiency.
One of the key focuses of the 2023 Prius project is the sporty exterior. It will have thin lights and a body that looks more like a coupe than a family car. That sounds a little strange, but Toyota is a global leader in this field, so they should know best.
The Prius is not doing so hot right now. It's down from 236,000 units sold in 2012 to 43,000 for 2020. We believe the right move here is to make the Prius into a class-leading EV to stop losing market share. Japanese automakers have a habit of killing off famous models rather than reviving them. Let's hope the Prius doesn't suffer the same fate as the Celica or the Acura Integra.
Besides the Prius, our source mentions two more hot debuts. By the end of 2023, Toyota is also expected to have a Supra GRMN with over 500 horsepower. Also, they believe the specs of the Corolla Sport GRMN have been finalized. This hot hatch will reportedly have 296 hp (300 PS) from a 1.6-liter turbo 3-cylinder engine, as well as an AWD system.