TOYOTA ESTABLISHES IMPORT SALES COMPANY IN HUNGARY

Toyota City―TOYOTA MOTOR CORPORATION and Toyota Tsusho Corporation announced today that they have set up a new import sales joint-venture company in Hungary. The new company, Toyota Motor Hungary KFT, will be capitalized at 37 million forints (approximately ¥67 million), with Toyota and Toyota Tsusho each taking 50% of the equity.

Measures taken to liberalize the Hungarian market, including the privatization of state-run companies and the establishment of regulations aimed at introducing foreign investment, have progressed greatly. It is expected that the automobile market will expand in line with the country's future economic progress.

In response to these developments both Toyota and Toyota Tsusho had been studying the organization and reinforcement of a sales and service network in Hungary. Through the establishment of the new company, it will now be possible to better meet the needs of customers in Hungary, as well as provide for the sales and service of vehicles.

Since 1980, Toyota has been exporting automobiles, mostly Corollas, to Hungary's state-run automobile corporation and other Hungarian concerns through Toyota Tsusho. In January 1990, Toyota signed a contract for the delivery of 1,300 ambulances to Hungary over a five-year period.