Toyota to Raise Prius Price

TORRANCE, CA --- Toyota plans to raise the U.S. price of its Prius hybrid by $500 for the 2009 model year.

According to the Los Angeles Times, the automaker's U.S. sales unit said the suggested retail price for the Prius will rise 2.2 percent. Base prices will range from $22,000 (standard model) to $24,270 (touring model).

The price hike of the Prius, along with that of other models, is reportedly due to material and shipping cost increases as well as the yen's appreciation in foreign exchange.