Are Fierce Rivalries Slowing Down the Prius?

Toyota Prius V car beach

Just as Toyota (NYSE:TM) moves its 3 millionth Prius hybrid model off the lot, an executive with the company says that the world’s largest car manufacturer might not meet its annual sales goal for the best selling hybrid this year, pegged at 250,000 vehicles.

“The 240,000 to 250,000 range is kind of where we’re settling our sights for the Prius family,” said Bill Fay, group vice president for Toyota’s U.S. sales. June and July marketing spends have been increased for the car, in efforts to meet the goal. Last year, Toyota sold 236,659 Prius models in the United States alone.

However, the first six months of this year saw a 5.1 percent decline in Prius sales, though the slide is not attributed to an ailing automotive sales climate — overall sales for the market rose 6 percent.