TOYOTA ESTABLISHES DISTRIBUTOR IN THE CZECH REPUBLIC

Tokyo―In a move to meet the sales and service needs of the growing East European car market, TOYOTA MOTOR CORPORATION and its affiliated trading company, Toyota Tsusho Corporation, have jointly established a Czech distributor for the import and sales of Toyota vehicles in that country. This is the third distributor Toyota has set up in Eastern Europe, following Poland in 1990, and Hungary in 1991.

Based in Prague, Toyota Motor Czech spol.s r.o. is capitalized 26 million Czech koruna (¥95 million), with Toyota holding 60% and Toyota Tsusho 40% of stock ownership. Operations began in December. The new distributor employs some 15 people and is responsible for importing vehicles and parts, and distributing them to its 15 dealers in the region. Toyota Motor Czech will also support these dealers in after-service. The new company is aiming for sales of 1,500 units in 1994, initially comprising of the Camry, Carina E, and Corolla passenger cars as well as the Hiace commercial vehicle.

Toyota Motor Corporation started exporting cars to the Czech Republic in 1989 through Toyota Tsusho on a per order basis. The cumulative total of these exports came to 1,500 vehicles as of 1992. Toyota hopes that the new company will upgrade the level of sales and support it can provide in that country, as it foresees the democratization and liberalization of the Czech economy further promoting market growth.