Toyota to Enter Marine Business

Tokyo―TOYOTA MOTOR CORPORATION (TMC) announced today that it will begin domestic motorboat and marine engine sales in spring 1997.

In order to continue being an active and vital company in the 21^st century, TMC has defined the remainder of this century as its Second Foundation Era, and is aggressively developing and fostering new business areas. TMC currently manages about 30 new firms with combined sales exceeding ¥400 billion and a total of about 5,000 employees.

As one way of promoting these new areas, TMC has been using engines and other technologies developed in its automobile business in the research and development of marine products that are clean, safe, and friendly to the environment.

TMC's motorboat product is a 28-foot cabin cruiser―the largest multipurpose cruiser operated with a "class four" license (under 5 tons). The automobile engine-derived marine engine, a new drive system, and a high-rigidity aluminum hull provide smooth and stable cruising and nimble responsiveness. TMC was in charge of the design and development of the vessel, which will be produced under consignment in New Zealand. Toyota will handle sales, which are not expected to reach high numbers in the initial stage.

TMC also plans to sell two marine engines: a diesel engine based on the 1KZ used in the Hilux Surf, and a gasoline engine based on the Celsior's 1UZ.

With its entry into the marine business, Toyota will set up an in-house marine business division in January 1997. TMC plans to eventually develop a wide range of boat sizes and a full marine engine lineup, as well as establish a consultancy business to provide the information needed for individuals to better enjoy marine sports. Toyota also plans to actively participate in the development and operation of marine infrastructure facilities, such as the Nagasaki Sunset Marina Co., Ltd. and Gamagori Marine Development Co., Ltd.

Before sales start, TMC will display its motorboat and marine engines at the 1997 Boat Show, opening in Tokyo on February 7, in Osaka on March 6, and in Nagoya on March 14.