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.December 11, 2002
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This Week:

• Chevrolet Announces SSR Signature Series

• Arrival of Porsche Cayenne

• MINI Opens Its "Virtual" Factory

• Renault, Toyota and Mitsui Boost Partnership in Colombia

• The new Audi S4 - Supreme power and superior handling

• Ford Rouge Center Redevelopment Lays Foundation For Manufacturing Future

• GM Names Wagoner Next Chairman

• Volkswagen in China

• Aston Martin Jaguar Land Rover North America Reports Record November Sales For Land Rover In The United States

• Valeo consolidates its lighting activities in Spain

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Renault, Toyota and Mitsui Boost Partnership in Colombia

Paris - Today Renault, Toyota and Mitsui signed a Memorandum of Understanding with Valores Bavaria indicating their intention to acquire its 51.3% stake in the Colombian automobile company SOFASA S.A. The agreement to transfer the shares is planned to be concluded by March 1, 2003, and at that time SOFASA S.A. will be 60% owned by Renault, 28% by Toyota and 12% by Mitsui. The agreement will bolster the three companies' partnership in Colombia and pave the way for a lasting presence in the country.

Valores Bavaria, which holds a 51.3% stake in SOFASA S.A. alongside Renault (23.7%), Toyota (17.5%) and Mitsui (7.5%), has indicated its intention to pull out of the car industry to refocus on its core-business activities. Renault, Toyota and Mitsui have agreed to negotiate the final terms of the purchase of the equity held by Valores Bavaria in SOFASA S.A. to become the sole shareholders of SOFASA S.A., with equity stakes of 60%, 28% and 12%, respectively. Renault, Toyota and Mitsui are thus boosting their industrial and commercial cooperation in Colombia and maintaining in the country a competitive automotive business generating several thousand direct and indirect jobs.

SOFASA S.A. - key automotive player in Andean Pact

SOFASA S.A. covers both industrial and commercial operations thanks to its plant in Medellin - with a production capacity of 44,000 vehicles per year and a workforce of 850 employees - and a solid network of 31 dealerships. The company assembles Renault passenger cars (Twingo, Clio, Clio sedan and Mégane Classic) and Toyota light commercial vehicles (Prado, Hilux and Land Cruiser). SOFASA S.A. also runs a distribution business for Toyota in Colombia, and handles distribution for Renault in the Andean Pact region and some Central American countries. It also imports and distributes Renault vehicles, including Laguna, and Toyota vehicles (Land Cruiser and Corolla), in addition to the range assembled locally.

(December 7, 2002)