Honda gaining on Toyota in hybrid market

Honda (HMC +2.2%) reports sales and advance orders for the Honda Fit skyrocketed past estimates during the first four weeks of sales.

The Fit hybrid accounted for close to 70% of those sale and is posing as a serious challenger to the Toyota Prius/Aqua.

Last year, Honda sold 231K hybrids compared to Toyota's (TM +2.5%) 1.2M, but the gap appears to be narrowing.

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