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News of  June 20, 2001


Toyota Forms Mexican Company to Plan Entry to Mexican Market

Mexico City - Toyota Motor Corporation 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.

(June 10, 2001)

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