Tokyo, Japan, Apr 10, 2008 - (JCN Newswire) - Toyota Motor Corporation (TMC), Daihatsu Motor
Co., Ltd. (Daihatsu) and Fuji Heavy Industries Ltd. (FHI) announced today that they have agreed
to expand their cooperative ties with new arrangements related to research and development and
product supply.
Specifically, the three companies - aiming to strengthen their competitiveness by achieving
mutual synergies through the apt application of each company's technological know-how - decided
that:
1) TMC and FHI are to jointly develop a compact rear-wheel-drive sports car that will be
marketed by both TMC and FHI.
2) TMC is to provide FHI with a compact car on an original-equipment-manufacturing (OEM)
basis.
3) Daihatsu is to supply FHI with minivehicles and an FHI version of the Daihatsu"Coo"compact
car on an OEM basis.
The compact rear-wheel sports car to be jointly developed by TMC and FHI is envisioned to
offer a new"fun to drive"experience based on an all-new vehicle platform powered by an FHI
core-technology horizontally-opposed engine. Market introduction is targeted for the end of
2011. Production is to take place at a new plant to be built at FHI's Gunma Manufacturing
Division in Japan's Gunma Prefecture. TMC will consign production to FHI.
The compact car that TMC is to provide FHI on an OEM basis is aimed at letting FHI supplement
its product lineup, with supply expected to start around the end of 2010.
The OEM supply of minivehicles for the Japanese market to FHI by Daihatsu is expected to allow
FHI to focus its R&D and production resources on its main products. Such supply is planned to
start in the second half of 2009. This arrangement is also expected to enable Daihatsu to
improve its business efficiency, such as through increasing its cost competitiveness due to
increased production volume.
Also, so that FHI can further enhance its product lineup, from this October, Daihatsu is to
supply FHI on an OEM basis 6,000 units annually of its"Coo"compact vehicle produced at
Daihatsu's Head (Ikeda) Plant in Osaka Prefecture.
Today's announcement is the latest development in a business relationship that was established
in October 2005 and in which TMC and FHI have applied their mutual management resources in R&D
and production. This relationship has also already resulted in, among others, consigned
production at Subaru of Indiana Automotive, Inc. - FHI's North American production base in the
United States - and OEM production by Daihatsu of an FHI compact car for the European
market.
To further promote smooth business relations, TMC and FHI - while maintaining the management
style and corporate identity of FHI - have reached a basic agreement on the transfer to TMC of
61 million FHI shares owned by FHI, pending approval by Japan's Fair Trade Commission.
Following this transfer, TMC would own 16.5% of FHI issued shares.
TMC, Daihatsu and FHI intend to continue conducting wide-ranging discussions toward
strengthening one another's long-term competitiveness and carrying out comprehensive
cooperation for their growth worldwide.
Outline of transfer of FHI shares to TMC
Transfer timing Following approval by Japan's
Fair Trade Commission
Transfer method Disposal of treasury stock by
allocation to third party
No. of shares involved 61 million shares
Transfer value 31.11 billion yen
Transfer price 510 yen per share
Method for calculating
transfer price Price set at 10% higher than the average
closing price (raised to the nearest 10 yen)
for FHI shares on the Tokyo Stock Exchange
from December 11, 2007 to March 10, 2008.
About Toyota Motor Corporation
Established in 1937, Toyota Motor Corporation (TSE: 7203; NYSE: TM), which celebrates its 70th
anniversary this year, has developed into one of the world's best known automobile
manufacturers. The Toyota Group sold over 8.5 million vehicles under the Toyota, Lexus,
Daihatsu, and Hino brands in more than 170 countries and regions in fiscal 2007. Further, the
Company's production is firmly rooted in local communities, with 52 companies manufacturing
vehicles and parts in 26 countries and regions. Toyota had approximately 300,000 employees on a
consolidated basis at the end of fiscal 2007. The company is headquartered in Aichi, Japan. For
more information, please visit www.toyota.co.jp/en/index.html .
Source: Toyota Motor Corporation
Contact:Toyota Motor Corporation
Corporate Communications Department/
Public Affairs Division
Tel: +81-3-3817-9150
URL: http://www.toyota.co.jp/en
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