Toyota Launches Korean Sales Operation

Tokyo―TOYOTA MOTOR CORPORATION (TMC), responding to growing interest in quality Toyota automobiles, has officially entered the Korean car market by establishing Toyota Motor Korea Co., Ltd. (TMKR), its first fully authorized distributor in the Republic of Korea, TMC announced today.

The Seoul-based TMKR, TMC's official importer for the Korean market, plans to commence sales activities in January 2001, aiming to retail 800 of TMC's Lexus brand units in its first year. To this end, it has already approved the opening of three Lexus dealerships―two in Seoul and one in the southeastern port city of Pusan.

TMKR has a capitalization of 9 billion won (820 million yen) and is wholly owned by TMC. Hideaki Yasuno, a TMC Asia Division project general manager, will serve as TMKR president.