May. 11, 2001
Toyota Forms Mexican Company to Plan Entry to Mexican Market
| MEXICO CITY (May 10, 2001)- Toyota Motor Corporation today announced incorporation
of Toyota Motor Sales de Mexico, S. de R.L. de C.V., established to begin planning
for sales, marketing and service operations for Toyota vehicles in Mexico. The
new company will be based in Mexico City and is a subsidiary of Toyota Motor Sales
(TMS), USA, Inc. |
| The company intends to be in operation and selling vehicles in connection
with implementation of the automotive sector agreements included in the North
American Free Trade Agreement (NAFTA). Such agreements take effect on January
1st, 2004. Toyota Motor Sales de Mexico will evaluate Mexican market conditions
and plan appropriate model lineup, retailer and service network and logistics
operations to prepare for implementation of commercial operations. |
| "We are excited about the future of Mexico given its economic performance
and stability," said TMS President and CEO Yoshimi Inaba. "Because Toyota wants
to be in solid markets, we have been studying Mexico very closely. We are very
enthusiastic about Mexico's new era and confident that it represents a good climate
for our future operations. |
| "We are convinced that Toyota can offer Mexican customers a new alternative
with quality products and services providing Mexican dealers an outstanding business
opportunity," he said. |
| Toyota's global policy is to place greater responsibility for operations with
local management. For this reason the company intends to appoint Mexican executives
to major management positions. |
| Toyota Motor Sales is the marketing, sales, distribution and customer service
arm of Toyota in the U.S. and is a subsidiary of Toyota Motor Corporation. Toyota
ADRs are traded on the New York Stock Exchange (symbol: TM). |
| Toyota Motor Corporation and its subsidiaries produced more than 5.8 million
vehicles worldwide in calendar year 2000. Toyota vehicles are manufactured in
25 countries/locations and are renowned for their quality, reliability and value.
Toyota is the third largest vehicle manufacturer in the world and the fourth largest
maker of vehicles in North America, producing more than one million cars and trucks
in five North American plants in 2000. |
| Contacts: Public Affairs Division (Tokyo), Toyota Motor Corporation Shino Yamada / Shigeru Hayakawa (03-3817-9174 / 9158) |
