This Week:

• TOYOTA MOTOR CORPORATION and PSA PEUGEOT CITROËN Agree to Enter a Cooperation on Joint Development and Production of Small Cars
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• The CleanEnergy WorldTour 2001 comes to California
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• Lexus Introduces Two New IS 300 Models
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• Cadillac Forms A New, Stronger Professional Vehicle Team
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• Chrysler Group Announces Evolution of Product Creation Process
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• Hayes Lemmerz Announces Plans to Close Petersburg Facility
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• Oracle and Wingcast Form Strategic Alliance to Drive Next-Generation Wireless Services for Cars
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News of  July 18, 2001

TOYOTA MOTOR CORPORATION and PSA PEUGEOT CITROËN Agree to Enter a Cooperation on Joint Development and Production of Small Cars

Brussels - TOYOTA MOTOR CORPORATION (TOYOTA) President Fujio Cho and PSA PEUGEOT CITROËN CEO Jean-Martin Folz signed a memorandum of understanding and an agreement for the joint development and production of small, entry-level passenger vehicles primarily designed for European markets. Production is scheduled to start in 2005. This new platform will be dedicated to the production of vehicles for TOYOTA and the two brands of PSA PEUGEOT CITROËN.

In order to respond to the changing needs in Europe, a market where demand for compact vehicles remains as strong as ever and is forecast to increase in the years ahead, TOYOTA and PSA PEUGEOT CITROËN have decided to jointly introduce a new class of cars, positioned below current entry-level models.

The vehicle concept to be jointly developed by the two companies will be a lean, modern four-seat model that features the most advanced technologies in the areas of safety, reliability and environmental protection. Equipped with the latest generation of 1.0-liter gasoline engines and 1.4-liter diesel engines, it will be especially fuel-efficient.

TOYOTA and PSA PEUGEOT CITROËN will pave the way for a new market of vehicles, which will thoroughly retain all the essential features of a real car, and will offer, at attractive prices, efficient solutions to the environmental and urban mobility-related requirements. Target customers also include current buyers of used or outdated cars.

The project will offer clearly differentiated models and specific styles for the vehicles of the two groups while guaranteeing strong commonality for the car structure and components.

TOYOTA will be in charge of development and production while PSA PEUGEOT CITROËN will be responsible for procurement. The two groups will set up a joint venture company on a 50/50 basis. A final agreement will be completed by year-end.

A production site in Europe will also be decided at year-end. The plant is expected to have a production capacity of around 300,000 units a year.

Total investment for this cooperation is estimated at approximately 1.5 billion euros.

(July 12, 2001)

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