Toyota to sell hybrid Crown sedan

Japan's Toyota Motor (NYSE: TM) announced plans today to release a hybrid version of its popular Crown sedan in Japan.

The Crown is widely used as a taxi throughout the country. The hybrids are expected to start selling in May.

Toyota showed off a concept version of a hybrid Crown at the Tokyo Motor Show last year, based on its Toyota Hybrid System II platform.

The new hybrid Crown will be priced at around $57,000, and will have an electric motor only mode.

The company said that at the press of a button, drivers will be able to switch over to using just the electric motor, "for quiet operation early in the morning or late at night and lower emissions."

Toyota said the new hybrid has the driving performance of a 4.5-liter vehicle with the low fuel consumption of a 2.0-liter vehicle.

The hybrid is expected to achieve 33 miles per gallon, according to the automaker.

The car will also come with an Eco Zone Indicator, that lets the driver know when the vehicle is at the right speed for fuel-efficient driving.

The company said it expects to sell 800 units per month in Japan, with a sales target of 5,500 units per month including two non-hybrid Crown models also introduced today.