Topping Ceremony of the TPCA JV PLANT Celebrated in Kolin, Czech Republic

Toyota Peugeot Citroën Automobile Czech (TPCA)―a vehicle manufacturing joint venture set up by Toyota Motor Corporation and PSA Peugeot Citroën in the Czech Republic―issued the following 1-page press release announcing its holding today of a topping ceremony.

One year after the Groundbreaking Ceremony of the joint venture plant of TOYOTA PEUGEOT CITROËN AUTOMOBILE (TPCA) located in Kolin, Czech Republic, President Masatake Enomoto and the newly appointed Vice President Jean-Pierre Chantossel have invited some 300 guests to a << Topping Ceremony >> in the presence of the local and governmental representatives as well as some top executives of Toyota Motor Corporation (TMC) and PSA Peugeot Citroën.

During the Topping Ceremony celebration on the site of Kolin, the major players of the project have unanimously and positively emphasized the smooth progress of the joint venture. The JV plant's works are in line with the initial construction plan, and are expected to be completed by the spring of 2004. The installation of the manufacturing tools will follow, and, as forecast, the production of the joint platform vehicles will be initiated from 2005.

The supplier selection is in its final stages. Most of the concerned companies already have or will have a base in the Czech Republic and other Central European countries. The local recruitment programme is also well underway.

In tackling the rapid progress of the construction works, TPCA President and Project Director for TMC Masatake Enomoto expressed his contentedness:"On this occasion, I would like to express special thanks to the Czech government, the City of Kolin, our construction contractors and all of those who are supporting this project. Without your sincere dedication and support, I am sure we would not have been to come this far", "Our dream is for TPCA to become a reputable citizen of the Czech Republic in the near future".

Denis Duchesne, Senior Managing Director of Cooperations in built-up vehicles and Project Director for PSA Peugeot Citroën, also said:"The deadlines for achieving this challenging project have been strictly met; both companies are quite happy with the top-ranking quality, the seriousness and the long-standing expertise of the selected suppliers involved in the project development".

"This project is quite unique in terms of size and significance. What I appreciate even more is how smoothly it has been implemented so far. This proves that the Czech Republic is capable of managing projects of European importance", Martin Jahn, CEO of CzechInvest, commented.

The TPCA plant will manufacture 300,000 small cars a year, primarily for European markets. The total investment (research & development and business start-up costs) is estimated at approximately €1.5 billion.