V for versatility. That's the 2012 Toyota Prius V's hook, and though it drops the "MP" from MPV, it's precisely that--and awfully familiar, too.

It not only looks a lot like the standard Prius hatch, but with the Ford C-Max and its hybrid variants fresh in our minds, it looks rather like those C-segment MPVs as well.

As the first all-new member of the coming Toyota Prius family, the Prius V delivers a new take on the world's most familiar hybrid.  The differences for the Prius V are few, but significant: it gets 50 percent more cargo space, and a first for a Toyota hybrid with an optional retractable panoramic moonroof. Split folding 60/40 rear seats enable many configurations for passengers and cargo, while fuel economy is a strong 42 mpg city, 38 mpg highway for 40 mpg combined--less than the standard Prius hatch, but still good for a roomy MPV.

The Prius V will also be one of the first Toyota models available with the new Entune multimedia system, boosting the synthesis of mobile apps with the in-car experience.

Intended as a more family-oriented hybrid, safety and infotainment options are at the forefront of the feature sheet, though it will largely share options and abilities with its standard Prius sibling.

The Prius V will be on sale at Toyota dealers later this summer.

Also announced at the Prius V unveiling is the Prius C Concept, the next member to join the Prius family of cars, and as the C intimates, it's a more compact, B-segment five-door hatch. The design is still fairly out there as it's a concept, but you can see the gist of what will eventually arrive as a production model.

For live images of the 2012 Prius V, visit GreenCarReports.