Toyota has announced a new model of its Lexus brand with a price tag of just under $35,000.
The company will unveil the new Lexus F sedan at a press event at its headquarters in Osaka, Japan on Thursday, Toyota said.
The price is lower than previous Lexus models but the company is aiming for a crossover segment in which consumers are more likely to buy a midsize car with a high price tag than a compact model, the company said.
A compact Lexus is considered more affordable than a midsized model by consumers.
But it is a different story for the mass market, which is looking for more value and quality, Toyota spokesman Kazuhiro Nakamura said.
“We have to target consumers in this segment because it is an important market for the Japanese automaker,” Nakamura added.
The new model will launch in 2018.
The Lexus line has been sold in the U.S. and Canada since 2007.
It will be available in six different versions: sedan, hatchback, hatch, SUV and sport utility vehicle.