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Toyota Motor Corp. on Monday launched its much-awaited new Prius gasoline-electric hybrid to face off against rival Honda Motor Co.’s Insight hybrid released in February.

Officially priced, as expected, at ¥2.05 million, the new Prius has already sparked a flurry of buy orders. The previous model, equipped with a less powerful engine, carried a ¥2.33 million price tag.

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