Toyota: Tokyo Didn't Fund the Prius

April 2, 2008
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Toyota is denying a report from BusinessWeek magazine that the Japanese government funded the development of the Prius.

The Detroit News relays the report in BW's March 24 edition, in which former Toyota exec Jim Press -- now president at Chrysler -- told the magazine that "The Japanese government paid for 100 percent of the development of the battery and hybrid system that went into the Toyota Prius."

Toyota, the News reports, says the claim is not true. Toyota received "no money, no grants" from the Japanese government, a spokesman told the paper.

The Prius ranks among the top 20 selling vehicles in the U.S. through March.

Press, a 37-year veteran of Toyota, joined the Chrysler resuscitation team last fall.

Read it at the News: Toyota denies report that government funded Prius development

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