NEW YORK — Honda and the Toyota Motor Corp. announced Wednesday the launch of a joint venture that will build a small, fuel-efficient and electric hybrid that is the centerpiece of Honda’s new GT500.
The hybrid, the GT500 EcoBoost, will be built at the New York plant in the city’s Hudson Valley.
The Honda team is led by Honda’s chief product officer, Kenji Yamamoto, and Toyota’s chief executive, Hideki Noguchi.
The GT500, or the “GT” in Japanese, is a hybrid sports car with a 3.0-liter, turbocharged inline-four engine.
Honda has said the hybrid will offer better fuel economy than the current GT500 with more than 500 miles on a gallon of gasoline and the fuel economy is expected to be more like a full-size sports car.
Toyota’s next-generation GT500 will be introduced in 2018.
The team that will develop the new hybrid will be based in the United States, according to Honda.
Honda will sell the hybrid to other automakers and Japanese automakers such as Nissan, which is developing a new sports car, according, Honda.
Toyota is also investing in the new GT 500.
Honda is selling more than 20,000 GT500s worldwide, making it the largest brand in the sport utility vehicle market.
It is Honda’s fourth new-generation sports car in the past five years.
It introduced its new sports utility vehicle, the Accord, in 2009.
It also announced the purchase of a fleet of 1.9 million Acura NSX vehicles, which it says will help the company increase the amount of electric vehicles it sells.