Toyota is all set to take the wraps off one of the most eagerly awaited and anticipated new cars to be showcased at the North American International Auto Show, which is a smaller and more cost effective version of its hybrid vehicle Prius.

Being called the FT-CH concept for now, the new hybrid is 22 inches shorter than the Prius hybrid car, and seems to be the company answer to customers' demands for a compact vehicle. Also, it will be more fuel efficient and can be seen as Toyota's next step in offering a range of "dedicated hybrids", which are cars that do not have a the general "gas-engine brother or sister".

As shared by the automobiles manufacturer, it is currently busy coming up with a marketing strategy for the US that will look to build on the success of the Prius, while adding more models, and the FT-CH is one of the models that Toyota is considering.

The company is looking to launch all eight of its new hybrid models over the coming few years, and will also start introducing plug-in hybrids and battery-electric vehicles starting 2012.

Also, Toyota has said that its hydrogen fuel-cell vehicles will be hitting markets all over the world in 2015.