Toyota to Set Up Holding Company in Europe

Tokyo― TOYOTA MOTOR CORPORATION (TMC) announced today that it will establish a Europe-based holding company for the purpose of coordinating Toyota's European manufacturing and sales activities. Toyota Motor Europe S.A./N.V. (TME) will be created on April 1 and located in Brussels, Belgium.

The creation of TME follows five straight years of record Toyota European sales (as of the end of 2001), as Toyota approaches its goal of selling 800,000 vehicles a year in Europe in 2005. To support this goal, TME will initially focus on strengthening Toyota corporate and government affairs activities in Europe, serving as a holding company for Toyota Motor Europe Manufacturing S.A./N.V, which manages Toyota European manufacturing efforts, and Toyota Motor Europe Marketing & Engineering S.A./N.V., which oversees Toyota European sales activities.

TME also intends to play a key role in enhancing efficiency and accelerating decision-making in Toyota European operations.