Today, Toyota took over the lot of Paramount Studios in Hollywood, Calif. The company’s live reveal of the all-new 2012 Toyota Camry included dancers, a band, yards of streamers and a live webcast — not your typical new car reveal. However, the new Camry Hybrid is not your typical hybrid.

Toyota upped the ante with its newest hybrid by increasing fuel efficiency and reducing the price. That’s right, owners of a 2012 Toyota Camry Hybrid will be able to drive farther on a tank of gas while paying less than owners of this year’s model.

The 200-horsepower 2.5-liter, four-cylinder engine delivers a manufacturer-estimated fuel efficiency of 43 mpg in the city, 39 mpg on the highway and 41 mpg combined. This means that the new Camry Hybrid will top the fuel efficiency rating of the Ford Fusion Hybrid (39 mpg combined).

Toyota didn’t just best the Ford Fusion Hybrid’s fuel efficiency; it also improved upon last year’s model. The official EPA fuel efficiency ratings for the 2011 Toyota Camry Hybrid are 31 mpg in the city, 35 mpg on the highway and a combined fuel efficiency of 33 mpg.

This enhanced fuel efficiency even comes with a discount. The MSRP on the 2012 Toyota Camry Hybrid LE is $25,900, $1,150 less than the 2011 model. The highly equipped Camry Hybrid XLE will be available for $27,400, $800 less than a similarly equipped 2011 model.

Later today I will be taking the new hybrid for a test drive. My driving partner for the trip will be fellow Phoenician, Osha Gray Davidson so check back tomorrow for my first impressions of Toyota’s 2012 Toyota Camry Hybrid.