Toyota revealed its first hybrid version of the iconic Land Cruiser, aiming to reintroduce the high-margin and iconic sports utility vehicle to North America and other key markets.

The world’s largest automaker announced that it would produce the new hybrid model, along with a smaller variant, at two factories in Japan, from where they will be shipped overseas.

In North America, the new Land Cruiser will be sold as a hybrid, while in other markets like Europe and Australia, it will be offered with gasoline or diesel powertrains.

Toyota’s chief technology officer, Hiroki Nakajima, stated that they would meet customer needs while reducing overall carbon dioxide emissions.

Land Cruiser models have been known for their higher profitability for Toyota, and the new model is expected to be available in Japan in the first half of 2024, followed by its launch in the United States in the spring of the same year.

The suggested retail pricing in the US is expected to start in the mid-$50,000 range. The Land Cruiser and its luxury SUV counterparts, the Lexus LX and GX, have collectively sold 11.3 million units as of the end of last month.