Dell has reported a 144% rise in third quarter net income to $822m (£511m), thanks to falling costs and a post-recession wave of IT upgrades.
Revenues in the three months to September rose 19% from a year ago, driven by corporate orders.
In contrast, the computer manufacturer reported only a 4% rise in takings from consumer clients, as household spending on laptops and PCs remained weak.
The US firm also said profit margins widened on a drop in component prices.
'Muted' consumer demand
"Dell is growing in the right areas, and I'm very excited about out momentum," said the company's founder, chairman and chief executive, Michael Dell, commenting on the company's third quarter results.
Regionally, revenue growth was strongest in the big emerging markets of Brazil, Russia, India and China, which together rose 30% on a year ago, led by India which was up 55%.
Dell said revenues had also been helped partly by its refusal to be drawn into price wars, claiming to have turned down some contracts that would have been insufficiently profitable.
Sales to public sector clients were buoyant - up 20% - despite a recent warning from peer Cisco that its sales to the US government sector would suffer because of fiscal cutbacks.
Dell said that it expected "to see continued strength from the ongoing client refresh among large corporate accounts and strong growth in enterprise products and services".
However, it thought that demand from consumer clients would remain "muted", and expected its full year profits to remain in the mid-range of its previously indicated 14%-19% growth forecast.
Fatter margins
The company's share price rose 4.8% on the results in trading after the official close of the New York markets, reversing much of a 6% drop in the share price following Cisco's warning last week.
While the strong revenue growth was actually slightly weaker than bullish market expectations, Dell also reported a surprisingly strong improvement in its operating profit margins.
The company attributed its stronger margins to lower component costs, as well as improvements in its supply chain.
Dell makes more than half of its revenues from the relatively low-margin PC sales business.
However, this area of business is expected to continue to do well as corporate clients upgrade their IT systems for Microsoft's newest operating system, Windows 7.
Source:
BBC
www.bbc.co.uk
November 20, 2010
November 19, 2010
Heinz grows in developing world
Heinz has reported higher-than-expected quarterly profits thanks to strong demand for ketchup and sales growth in developing countries.
The US food manufacturer's net income was $251m (£157m) in the three months to October, up 9% from a year ago.
Sales in developing countries - which represent 15% of the company's business - were up 10%, led by Latin America, while global ketchup sales rose 3.3%.
But revenues fell as the strong dollar depressed the value of foreign sales.
Total revenues were down 1.2% to $2.61bn. But stripping out the effect of the dollar, so-called organic sales were up 0.9%, the company said in its results announcement.
Although the revenue figure fell slightly short of expectations, Heinz's profits still surprised analysts, delivering 78 cents earnings per share, versus expectations of 76 cents.
Heinz is concentrating on growing its developing markets business, and wants the unit to account for 20% of the company's overall sales by 2013.
Meanwhile, its sales in other markets continue to struggle, with sales volumes in North America up 1.6%, while in Europe they rose just 0.7%.
The company was reporting the results for the second quarter of its operating year. It said it was still targeting revenue growth of 3-4% and earnings growth of 7-10% for the year as a whole.
Source: BBC
www.bbc.co.uk
The US food manufacturer's net income was $251m (£157m) in the three months to October, up 9% from a year ago.
Sales in developing countries - which represent 15% of the company's business - were up 10%, led by Latin America, while global ketchup sales rose 3.3%.
But revenues fell as the strong dollar depressed the value of foreign sales.
Total revenues were down 1.2% to $2.61bn. But stripping out the effect of the dollar, so-called organic sales were up 0.9%, the company said in its results announcement.
Although the revenue figure fell slightly short of expectations, Heinz's profits still surprised analysts, delivering 78 cents earnings per share, versus expectations of 76 cents.
Heinz is concentrating on growing its developing markets business, and wants the unit to account for 20% of the company's overall sales by 2013.
Meanwhile, its sales in other markets continue to struggle, with sales volumes in North America up 1.6%, while in Europe they rose just 0.7%.
The company was reporting the results for the second quarter of its operating year. It said it was still targeting revenue growth of 3-4% and earnings growth of 7-10% for the year as a whole.
Source: BBC
www.bbc.co.uk
November 18, 2010
BP board to exert tougher control
(FT) -- BP's board will tighten its oversight of the company's day-to-day operations in the wake of the Gulf of Mexico oil spill, its chairman has said in his first big interview since the accident.
Carl-Henric Svanberg, appointed chairman in January, said he did not consider resigning following the oil spill in April, in spite of criticism from some investors for not taking a more public role at the height of the crisis.
He said he had formed an early impression, "coming from the outside . . . how much was delegated to the executive" at BP.
"One of the key changes after the tragedy is that this is a time when logically you can review that delegation," he told the Financial Times. "We will have a higher degree of disclosure and a higher degree of discussion going forward than we have seen in the past between the executive and the board."
BP's executive team was seen as extremely powerful within the organisation, according to other industry executives. Shareholders also believe the company needed to strengthen the board in the wake of the disaster.
"If the view is that [former chief executive] Tony [Hayward] has borne the responsibility that the safety culture had not improved sufficiently, then the board was perhaps not probing enough and further change is probably still required," one UK investor in BP said.
Mr Svanberg said he and Bob Dudley, who took over as chief executive from Mr Hayward in October, were "eager to see if the board can be even more effective".
"We need to ensure that the checks and balances remain good with strong oversight and disclosure, particularly in safety," he said.
Mr Svanberg has appointed two new non-executive directors in recent weeks, Brendan Nelson and Frank L. "Skip" Bowman. Mr Nelson will succeed Douglas Flint as chairman of BP's audit committee when Mr Flint retires next year. Mr Bowman will replace DeAnne Julius, who is due to step down next year as well. BP is looking for one or two additional directors. Byron Grote, its long-serving finance director, has agreed to stay on "for a little bit longer", Mr Svanberg said.
The accident on April 20 has battered BP's reputation. One of Mr Svanberg's few moments of public exposure was an unfortunate gaffe when he said "we care about the small people" following a deal to set up a $20bn compensation fund.
Mr Svanberg defended his mostly behind-the-scenes role, saying having two spokesmen would not have helped resolve the crisis.
The focus of the board is now on "rebuilding trust and safeguarding our licence to operate -- that is what this is all about", he said.
Source: CNN
www.cnn.com
Carl-Henric Svanberg, appointed chairman in January, said he did not consider resigning following the oil spill in April, in spite of criticism from some investors for not taking a more public role at the height of the crisis.
He said he had formed an early impression, "coming from the outside . . . how much was delegated to the executive" at BP.
"One of the key changes after the tragedy is that this is a time when logically you can review that delegation," he told the Financial Times. "We will have a higher degree of disclosure and a higher degree of discussion going forward than we have seen in the past between the executive and the board."
BP's executive team was seen as extremely powerful within the organisation, according to other industry executives. Shareholders also believe the company needed to strengthen the board in the wake of the disaster.
"If the view is that [former chief executive] Tony [Hayward] has borne the responsibility that the safety culture had not improved sufficiently, then the board was perhaps not probing enough and further change is probably still required," one UK investor in BP said.
Mr Svanberg said he and Bob Dudley, who took over as chief executive from Mr Hayward in October, were "eager to see if the board can be even more effective".
"We need to ensure that the checks and balances remain good with strong oversight and disclosure, particularly in safety," he said.
Mr Svanberg has appointed two new non-executive directors in recent weeks, Brendan Nelson and Frank L. "Skip" Bowman. Mr Nelson will succeed Douglas Flint as chairman of BP's audit committee when Mr Flint retires next year. Mr Bowman will replace DeAnne Julius, who is due to step down next year as well. BP is looking for one or two additional directors. Byron Grote, its long-serving finance director, has agreed to stay on "for a little bit longer", Mr Svanberg said.
The accident on April 20 has battered BP's reputation. One of Mr Svanberg's few moments of public exposure was an unfortunate gaffe when he said "we care about the small people" following a deal to set up a $20bn compensation fund.
Mr Svanberg defended his mostly behind-the-scenes role, saying having two spokesmen would not have helped resolve the crisis.
The focus of the board is now on "rebuilding trust and safeguarding our licence to operate -- that is what this is all about", he said.
Source: CNN
www.cnn.com
November 14, 2010
Holiday camp firm Pontin's goes into administration
Holiday camp company Pontin's has been placed into administration, the accountancy firm KPMG has said.
The company runs five parks, all of which will keep trading as normal, KPMG added. No redundancies have been made among Pontin's 850 staff.
In February 2009 Pontin's announced a £50m plan to redevelop its centres and create 2,000 jobs but eventually closed Blackpool Park, in Lancashire.
KPMG said it was optimistic the "iconic British brand" still had a future.
'Strong business'
Pontin's chairman Graham Parr said the business was profitable but had been a victim of the credit crunch and had gone into administration because its bank had withdrawn its support.
"The business is strong, it's going really well - we have 3,000 holidaymakers staying with us this weekend," he said.
"But the bank has simply said it is not prepared to support our credit facilities any more. It's very annoying and the most nonsensical business situation I have ever been involved in."
Mr Parr, who has been involved with Pontin's on and off since the 1960s, said he and his partners fully intended to "get back in [to the business] and get it sorted."
Meanwhile, sources have told the BBC that it was the owners of Pontin's and not its bank which placed the company into administration.
BBC business correspondent Joe Lynam said it is understood that Santander had provided a year-long credit facility to Pontin's to allow it time to find a new buyer or further sources of money.
The company had suffered in a very competitive market place, with operators such as Butlins and Havens more successful in taking advantage of UK holidaymakers' desire for budget getaways during the downturn, he said.
Former Pontin's employee Warren Cooper, from Lowestoft, Suffolk, said he was not surprised the company had been placed into administration because there were "less and less customers" over the period he worked at the centre in Pakefield.
Mrs Janette Sellick, from East Ham, London, told the BBC she was worried because she had just paid for her family's Christmas holiday.
"I've been going every Christmas for 32 years and all my family goes too.
"My sister's panicking. I am upset because the cheque has only just cleared from the bank for around £2,200," she said.
But the administrators say they are planning to find an "experienced leisure operator" to help them run the company until a buyer can be found and all reservations will be honoured.
Joint administrator Jane Moriarty said: "Pontin's is an iconic British brand which forms the backdrop to thousands of treasured family holiday memories.
"It has unfortunately struggled in the current economic environment but, with some support from new management, we are optimistic that it will be part of thousands of family memories in the years to come."
Pontin's, known for its Bluecoats entertainers, was established in 1946 and at its height owned more than 30 parks. It was founded by Fred Pontin, who was well ahead of his rivals when he spotted the trend for self-catering holiday villages.
It was bought by Oceans Park for £46m in 2008.
The five sites left are at Brean Sands, in Somerset; Camber Sands, in Sussex; Pakefield, in Suffolk; Prestatyn Sands, in Denbighshire; and Southport, in Merseyside.
Source: BBC
www.bbc.co.uk
The company runs five parks, all of which will keep trading as normal, KPMG added. No redundancies have been made among Pontin's 850 staff.
In February 2009 Pontin's announced a £50m plan to redevelop its centres and create 2,000 jobs but eventually closed Blackpool Park, in Lancashire.
KPMG said it was optimistic the "iconic British brand" still had a future.
'Strong business'
Pontin's chairman Graham Parr said the business was profitable but had been a victim of the credit crunch and had gone into administration because its bank had withdrawn its support.
"The business is strong, it's going really well - we have 3,000 holidaymakers staying with us this weekend," he said.
"But the bank has simply said it is not prepared to support our credit facilities any more. It's very annoying and the most nonsensical business situation I have ever been involved in."
Mr Parr, who has been involved with Pontin's on and off since the 1960s, said he and his partners fully intended to "get back in [to the business] and get it sorted."
Meanwhile, sources have told the BBC that it was the owners of Pontin's and not its bank which placed the company into administration.
BBC business correspondent Joe Lynam said it is understood that Santander had provided a year-long credit facility to Pontin's to allow it time to find a new buyer or further sources of money.
The company had suffered in a very competitive market place, with operators such as Butlins and Havens more successful in taking advantage of UK holidaymakers' desire for budget getaways during the downturn, he said.
Former Pontin's employee Warren Cooper, from Lowestoft, Suffolk, said he was not surprised the company had been placed into administration because there were "less and less customers" over the period he worked at the centre in Pakefield.
Mrs Janette Sellick, from East Ham, London, told the BBC she was worried because she had just paid for her family's Christmas holiday.
"I've been going every Christmas for 32 years and all my family goes too.
"My sister's panicking. I am upset because the cheque has only just cleared from the bank for around £2,200," she said.
But the administrators say they are planning to find an "experienced leisure operator" to help them run the company until a buyer can be found and all reservations will be honoured.
Joint administrator Jane Moriarty said: "Pontin's is an iconic British brand which forms the backdrop to thousands of treasured family holiday memories.
"It has unfortunately struggled in the current economic environment but, with some support from new management, we are optimistic that it will be part of thousands of family memories in the years to come."
Pontin's, known for its Bluecoats entertainers, was established in 1946 and at its height owned more than 30 parks. It was founded by Fred Pontin, who was well ahead of his rivals when he spotted the trend for self-catering holiday villages.
It was bought by Oceans Park for £46m in 2008.
The five sites left are at Brean Sands, in Somerset; Camber Sands, in Sussex; Pakefield, in Suffolk; Prestatyn Sands, in Denbighshire; and Southport, in Merseyside.
Source: BBC
www.bbc.co.uk
November 12, 2010
Rolls-Royce: Plane engine failed because of oil fire
(CNN) -- Rolls-Royce said Friday that the failure of a specific component of its Trent 900 engine caused an oil fire that then forced a Qantas A380 to make an emergency landing.
"The failure was confined to a specific component in the turbine area of the engine," the engine maker said. "This caused an oil fire, which led to the release of the intermediate pressure turbine disc. "
The incident will cause the company's full year profit growth to be slightly lower than "guided," Rolls-Royce said Friday. In July, the company had predicted its underlying profits would grow between four and five percent compared to 2009.
On Monday, Qantas CEO Alan Joyce told reporters the planes will not return to service until the airline is "100 percent sure" about their safety.
Oil leaks have been discovered in engines on three planes, and investigations continue, Joyce added. The leaks were beyond normal tolerances, he said.
On November 4, a Qantas flight was forced to return to Singapore's Changi Airport after one of its engines shut down and the engine's covering, or cowling, tore off above the western Indonesian island of Batam.
The Australia-bound flight was carrying 440 passengers and 26 crew members.
By the CNN Wire Staff
Source: CNN
www.cnn.com
"The failure was confined to a specific component in the turbine area of the engine," the engine maker said. "This caused an oil fire, which led to the release of the intermediate pressure turbine disc. "
The incident will cause the company's full year profit growth to be slightly lower than "guided," Rolls-Royce said Friday. In July, the company had predicted its underlying profits would grow between four and five percent compared to 2009.
On Monday, Qantas CEO Alan Joyce told reporters the planes will not return to service until the airline is "100 percent sure" about their safety.
Oil leaks have been discovered in engines on three planes, and investigations continue, Joyce added. The leaks were beyond normal tolerances, he said.
On November 4, a Qantas flight was forced to return to Singapore's Changi Airport after one of its engines shut down and the engine's covering, or cowling, tore off above the western Indonesian island of Batam.
The Australia-bound flight was carrying 440 passengers and 26 crew members.
By the CNN Wire Staff
Source: CNN
www.cnn.com
November 08, 2010
Chrysler ups profit forecast as market share recovers
US carmaker Chrysler has raised its annual profit forecast to $700m (£435m), after third-quarter results showed market share recovering.
The US carmaker previously expected to make only $200m in the current year.
Chrysler made a loss of $84m during the past three months, down by half from a $172m loss in the previous quarter.
Total revenues rose 5% to $11bn, helped by a 40% jump in sales for its new Jeep Grand Cherokee, pushing its US market share up to 9.6%.
At the time of its bankruptcy its market shares had been 7%.
"We are committed to ensuring that every new vehicle this company launches has the same high quality and technological advances as the Jeep Grand Cherokee," said the company's chief executive, Sergio Marchionne, commenting on the financial results.
Management of Chrysler was taken over by Fiat of Italy last year after the US company entered government-sponsored bankruptcy.
Fiat is helping the US company to bring a range of new cars to the US market over the coming months.
"Our 2010 accomplishments are just the beginning of building Chrysler Group into a vibrant and competitive automaker," added Mr Marchionne.
Source:BBC
www.bbc.com
The US carmaker previously expected to make only $200m in the current year.
Chrysler made a loss of $84m during the past three months, down by half from a $172m loss in the previous quarter.
Total revenues rose 5% to $11bn, helped by a 40% jump in sales for its new Jeep Grand Cherokee, pushing its US market share up to 9.6%.
At the time of its bankruptcy its market shares had been 7%.
"We are committed to ensuring that every new vehicle this company launches has the same high quality and technological advances as the Jeep Grand Cherokee," said the company's chief executive, Sergio Marchionne, commenting on the financial results.
Management of Chrysler was taken over by Fiat of Italy last year after the US company entered government-sponsored bankruptcy.
Fiat is helping the US company to bring a range of new cars to the US market over the coming months.
"Our 2010 accomplishments are just the beginning of building Chrysler Group into a vibrant and competitive automaker," added Mr Marchionne.
Source:BBC
www.bbc.com
November 07, 2010
Microsoft boss Steve Ballmer in sale of shares
Microsoft chief executive Steve Ballmer has sold $1.3bn (£800m) worth of shares in the firm, the first time he has sold its stock in seven years.
"Even though this is a personal financial matter, I want to be clear about this to avoid any confusion," Mr Ballmer said in a statement.
Mr Ballmer said he was "fully committed to Microsoft and its success".
According to SEC filings he sold 49.3 million Microsoft shares at prices between $26 and $28 per share.
Sell-off continues
Mr Ballmer still holds 359 million shares, worth $9.6bn at Microsoft's current share price, which closed down 1.36% at $26.77 in US trading on Friday.
He said the sale of shares was made to diversify his investments and help his year-end tax planning.
His statement, published on Microsoft's website, also says that he hopes to "sell up to 75 million shares by year-end".
Microsoft's share price has been hit this year as investors worry about its ability to adapt to new ways of computing.
However, last month the firm announced a 51% rise in first-quarter profit, thanks to higher sales of its flagship Windows and Office software.
"Even though this is a personal financial matter, I want to be clear about this to avoid any confusion," Mr Ballmer said in a statement.
Mr Ballmer said he was "fully committed to Microsoft and its success".
According to SEC filings he sold 49.3 million Microsoft shares at prices between $26 and $28 per share.
Sell-off continues
Mr Ballmer still holds 359 million shares, worth $9.6bn at Microsoft's current share price, which closed down 1.36% at $26.77 in US trading on Friday.
He said the sale of shares was made to diversify his investments and help his year-end tax planning.
His statement, published on Microsoft's website, also says that he hopes to "sell up to 75 million shares by year-end".
Microsoft's share price has been hit this year as investors worry about its ability to adapt to new ways of computing.
However, last month the firm announced a 51% rise in first-quarter profit, thanks to higher sales of its flagship Windows and Office software.
November 05, 2010
Toyota profits continue to soar despite the strong yen
Profits at Japanese carmaker Toyota have continued to soar, with second quarter earnings nearly doubling to 98.7bn yen.
The company raised its profit forecast again, predicting earnings of 380bn yen ($4.7bn, £2.9bn) for the full year.
Executive vice president Satoshi Ozawa warned the strong yen was putting "production levels" in Japan at risk.
Sales were also boosted by green car subsidies in Japan, but these have now come to an end.
Mr Ozawa spoke of a continued "very tough business environment, characterised by the radically and seriously appreciated yen in recent months, the risk of slowdown in demand recovery in the United States and Europe, and falling demand following the end of the eco-car subsidies in Japan."
Source:BBC
www.bbc.com
The company raised its profit forecast again, predicting earnings of 380bn yen ($4.7bn, £2.9bn) for the full year.
Executive vice president Satoshi Ozawa warned the strong yen was putting "production levels" in Japan at risk.
Sales were also boosted by green car subsidies in Japan, but these have now come to an end.
Mr Ozawa spoke of a continued "very tough business environment, characterised by the radically and seriously appreciated yen in recent months, the risk of slowdown in demand recovery in the United States and Europe, and falling demand following the end of the eco-car subsidies in Japan."
Source:BBC
www.bbc.com
November 04, 2010
Nissan profits boosted by strong sales
Japanese carmaker Nissan has announced a fourfold rise in quarterly profits and raised its full-year forecasts.
Nissan reported a second-quarter net profit of 101.73bn yen ($1.26bn; £775m), up from 25.53bn yen a year ago, with sales up 21.4%.
It also raised its full-year profit forecast to 270bn yen from 150bn yen.
"Our first-half results demonstrate that Nissan's recovery efforts are working effectively," said Nissan chief executive Carlos Ghosn.
Nissan announced 20,000 job cuts at the height of the financial crisis.
The increase in sales outweighed the impact of the strengthening yen, which has dented the post financial crisis revival for some Japanese companies.
Source: BBC
www.bbc.co.uk
Nissan reported a second-quarter net profit of 101.73bn yen ($1.26bn; £775m), up from 25.53bn yen a year ago, with sales up 21.4%.
It also raised its full-year profit forecast to 270bn yen from 150bn yen.
"Our first-half results demonstrate that Nissan's recovery efforts are working effectively," said Nissan chief executive Carlos Ghosn.
Nissan announced 20,000 job cuts at the height of the financial crisis.
The increase in sales outweighed the impact of the strengthening yen, which has dented the post financial crisis revival for some Japanese companies.
Source: BBC
www.bbc.co.uk
November 03, 2010
Google in 'significant breach' of UK data laws
There was a "significant breach" of the Data Protection Act when Google collected personal data via its Street View cars, the UK's Information Commissioner has ruled.
But Google will not face a fine or any punishment, Christopher Graham added.
But Google will not face a fine or any punishment, Christopher Graham added.
BMW's profits boosted by strong Chinese sales
BMW's third quarter profits have risen 11-fold as it continues to benefit from a big increase in sales in China.
The German carmaker made a net profit of 874m euros ($1.2bn; £765m) in the three months to the end of September, up from just 78m euros a year earlier.
Its revenues rose 36% to 15.9bn euros, as global quarterly sales of its BMW, Rolls-Royce and Mini cars increased by 13% to 366,190 vehicles.
BMW said its Chinese sales almost doubled compared with a year earlier.
Its sales across mainland China, Hong Kong and Taiwan were 91% higher.
Sales in Western Europe added 1.8%, while those in the UK gained 13%.
In the US BMW saw quarterly sales advance by 9%.
BMW did not release a specific figure for India, only saying that the wider Indian car market had grown by 30% so far this year.
It added that its global profits had also been helped by higher retail prices.
The German carmaker made a net profit of 874m euros ($1.2bn; £765m) in the three months to the end of September, up from just 78m euros a year earlier.
Its revenues rose 36% to 15.9bn euros, as global quarterly sales of its BMW, Rolls-Royce and Mini cars increased by 13% to 366,190 vehicles.
BMW said its Chinese sales almost doubled compared with a year earlier.
Its sales across mainland China, Hong Kong and Taiwan were 91% higher.
Sales in Western Europe added 1.8%, while those in the UK gained 13%.
In the US BMW saw quarterly sales advance by 9%.
BMW did not release a specific figure for India, only saying that the wider Indian car market had grown by 30% so far this year.
It added that its global profits had also been helped by higher retail prices.
Toyota unveils a sporty Prius
NEW YORK -- Performance and fuel-efficiency are not usually words you hear in the same sentence. But who says hybrids can't be sporty?
Toyota said Tuesday that it will unveil the Prius PLUS Performance Package, a hybrid performance line developed by the automaker's racing division, at a car show in Las Vegas this week.
The tricked-out version of Toyota's popular gasoline-electric powered car will be available in limited production starting in April 2011. Toyota expects to have more information on pricing closer to the official launch date, according to spokesman Greg Thome.
While there are no changes to the car's powertrain, the package comes with a number of external features designed to make the Prius look more sleek and speedy.
Drivers will be able to have their Prius outfitted with a seven-piece body kit that has a "uniquely styled rear diffuser," as well as front and rear bumper spoilers and a side skirt.
The Prius PLUS is also lower than the standard version, with "sport-tuned lowering springs" and a rear "sway bar" to improve handling. In addition, the performance Prius has 17-inch forged wheels with low profile tires.
Toyota (TM) said the car will come replete with "exclusive floormats" and an exterior badge with the "PLUS" logo.
The package was developed to meet the "evolving demands of the growing hybrid segment," Toyota said in a press release. But it may also be designed to lure drivers that are wary of hybrid cars, which are often seen as less muscular than gas powered ones.
Toyota announces 6 new hybrids, electric cars
Despite the added weight from the body kit and other features, Toyota said the modifications will not impact the Prius' gas mileage.
"The end result is a more fun-to-drive, performance-enhanced Prius that maintains its industry-leading fuel efficiency," the automaker said.
Source: CNNMoney.com
Toyota said Tuesday that it will unveil the Prius PLUS Performance Package, a hybrid performance line developed by the automaker's racing division, at a car show in Las Vegas this week.
The tricked-out version of Toyota's popular gasoline-electric powered car will be available in limited production starting in April 2011. Toyota expects to have more information on pricing closer to the official launch date, according to spokesman Greg Thome.
While there are no changes to the car's powertrain, the package comes with a number of external features designed to make the Prius look more sleek and speedy.
Drivers will be able to have their Prius outfitted with a seven-piece body kit that has a "uniquely styled rear diffuser," as well as front and rear bumper spoilers and a side skirt.
The Prius PLUS is also lower than the standard version, with "sport-tuned lowering springs" and a rear "sway bar" to improve handling. In addition, the performance Prius has 17-inch forged wheels with low profile tires.
Toyota (TM) said the car will come replete with "exclusive floormats" and an exterior badge with the "PLUS" logo.
The package was developed to meet the "evolving demands of the growing hybrid segment," Toyota said in a press release. But it may also be designed to lure drivers that are wary of hybrid cars, which are often seen as less muscular than gas powered ones.
Toyota announces 6 new hybrids, electric cars
Despite the added weight from the body kit and other features, Toyota said the modifications will not impact the Prius' gas mileage.
"The end result is a more fun-to-drive, performance-enhanced Prius that maintains its industry-leading fuel efficiency," the automaker said.
Source: CNNMoney.com
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