Yes, they are. The Geo/Chevrolet Prizm is pretty much the same vehicle. They were built with the Toyota Corolla at the NUMMI plant in Fremont California. This was a joint venture between Toyota an GM. http://en.wikipedia.org/wiki/NUMMI
Like everyone else said, they are essentially the same car wqith different styling. However, take into consideration that the Corolla outsold the Prism 4 to 1, so it also has a higher resale value than the Prism.
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