Ironic that the Rav4 was engineered to be a fully electric vehicle until they overturned the California ZEV mandate. Since Toyota intends to introduce hybrid options to all it's models, then I don't think it's out of the running to become a hybrid, probably just not a top priority. They have already announced the new 2007 hybrid models, I would bet the Rav4 hybrid could be ready by 2010 or so.

2001 Prius Photos       2005 Prius Photos
'97 Prius Simulation Prius inner workings