TRAVERSE CITY, Mich. (AP) -- A Honda executive says the company's new gas-electric hybrid, designed to compete directly with Toyota's Prius, will be priced lower than the current Civic hybrid.

Executive vice president of American Honda Motor Richard Colliver tells an industry gathering that the new five-door, five-passenger hybrid will be launched next spring.

He says Honda hopes to sell 100,000 of the new vehicles in North America.

The price of the Civic hybrid starts at $22,600, while the Prius has a base price of $21,500.

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