Toyota's Prius is now in its third iteration, and the automaker is actively developing its successor that will launch in 2015. Its still too early for Toyota to tease the next look for Prius, but the automaker has outlined technical details and fuel savings too stating that it will continue its practice to reduce fuel economy by 10 percent.

“The current Prius has held America’s fuel economy crown for many years,” said Toyota Motor Corporation (TMC) Managing Officer Satoshi Ogiso. “In its three generations, Prius MPG has improved on average by about 10 percent, each generation.  The challenge to continue to improve at this rate -- to beat your own record -- becomes very difficult, but makes it all the more motivating.  We are very motivated to beat our record.”

The new Prius will come with a more advanced battery, electric motor and petrol engine technology with all components to be smaller, lighter and more efficient.

"The motors in the current model have four times the power density of those used by the original Prius back in 1999, and the improvement will be higher still in the next generation car," said Toyota.

The new petrol engine will improve from 38.5 percent to more than 40 percent.

For the first time, Toyota is developing in parallel two variants of the Prius, the regular hybrid and a plug-in hybrid version, with the latter to offer a new wireless/inductive charging system that discards cables – at least at home.

“We have been listening very carefully to Prius PHV owners and are considering their requests for additional all-electric range," said Osigo. "We have also heard from owners that they would like a more convenient charging operation. In response, we are developing a new wireless/inductive charging system that produces resonance between an on-floor coil and an onboard coil to transmit power to the battery, providing charging without the fuss of a cable.