TOYOTA TO BUILD V8 ENGINES IN ALABAMA

HUNTSVILLE, Al. (Feb. 6, 2001)- Toyota announced today that it has selected a 200-acre site in Huntsville, Alabama for its newest engine plant in North America.

The plant will machine and assemble V8 engines for Toyota's full-size Tundra pickup truck, which is made exclusively in Princeton, Ind. The Huntsville plant will be Toyota's first outside of Japan to manufacture V8 engines.

The new plant will have an annual production capacity of 120,000 units and represent a $220 million investment by Toyota. The company said the facility is expected to bring 350 new jobs to Alabama and indirectly create work for thousands more. Toyota plans to begin producing the V8s at the new plant in the summer of 2003.

Alabama Governor Don Siegelman, speaking at the news conference at Huntsville's J.O. Johnson High School, welcomed Toyota's decision to set up shop in Alabama.

"The partnership between Toyota and Alabama provides hope and dreams of a better quality of life to Alabama families," said Governor Siegelman. "Toyota brings to Alabama not only its international reputation as a first class manufacturer of automobiles, but it also brings high-skilled and high-paying jobs to Alabamians."

"I am pleased that this fine company has joined Alabama in setting the pace as a new leader in the automotive manufacturing sector in this region, in our nation and around the world," the Governor added.

Toyota Motor Corporation President, Fujio Cho, joined Governor Siegleman at the announcement and helped deliver the good news.

"Toyota appreciates the opportunity to do business in your state," said Cho. "We know we will find people of the highest caliber here, who have the skills, the intelligence and the enthusiasm to become a successful Toyota team."

Toyota is the first company to announce its decision to locate in the North Huntsville Industrial Park. The City of Huntsville purchased the 400-acre plot in April 1999 and plans to continue to draw industry to the northwest part of the city.

The plant is the latest addition to Toyota's increasing manufacturing investment in the U.S. and Canada. By 2003, the automaker will have capacity to build 1.45 million cars and trucks a year, and 1.16 million engines.

Toyota currently has three engine plants in North America. Toyota Motor Manufacturing, West Virginia, Inc.and Toyota Motor Manufacturing, Kentucky, Inc. both produce four-cylinder and V6 engines. Also, its plant in Ontario, Toyota Motor Manufacturing Canada, Inc., assembles four-cylinder engines.

By 2003, Toyota will employ some 33,000 people throughout North America. With today's announcement, the company's direct investment tops $13 billion with annual parts and materials purchases from North American suppliers totaling over $11 billion. Toyota's North American-produced vehicles include the Camry, Avalon, Sienna, Solara, Sequoia, Corolla, Tundra, and Tacoma. The new Matrix, just unveiled at the Detroit auto show, will join the North American-built lineup in 2002, and beginning in the fall of 2003, the Lexus RX300 will also be produced here.