If you’ve been eyeing that Prius sitting in your local dealership’s floor you better hustle and hurry before you miss the hefty tax credit also sitting on the popular hybrid’s head.

In the news: quoting Toyota Motor North America President Jim Press, AutoWeek reports that Toyota is “pursuing” the development of a plug-in hybrid vehicle and is “strongly considering” selling ethanol-capable vehicles in the U.S.

To ensure a smooth launch for the redesigned Camry, Toyota has decided to leave the current Corolla on the market for an extra year and delay its replacement until 2008. This will mark the current generation's sixth year on the market - a record that breaks the company's long-standing tradition of redesigning vehicles after their fifth model year. The Corolla continues to be one of the company’s bestsellers, as it proves to be holding its own against competition, including the new Civic. The Corolla had a 38.7% increase in sales during the first half of the year, selling nearly 200,000 units.

Sales dropped in almost all the automakers for the month of June, thanks to a massive decline in truck sales. GM, Ford, Chrysler and Nissan all reported sales going downhill. Toyota however, is proving itself immune to the recent market pressures, reporting a 14 percent jump in sales last month led by the Corolla, Prius, Camry Hybrid and new Yaris subcompact. The automaker’s truck sales also managed a 7 percent jump courtesy of its RAV4 compact sport-ute.