Toyota Announces New Minority Business Spending Targets - Goal is to Exceed $1 Billion By 2005 - Do Poor Jewish Guys Qualify?

CINCINNATI, Nov. 13, 2002; Toyota Motor Manufacturing North America, Inc. (TMMNA) today announced aggressive new targets for minority business spending at the company's 13th Annual Opportunity Exchange. TMMNA's spending is expected to exceed $1 billion by 2005, up significantly from current levels. Federico Pena, former Transportation and Energy Secretary, served as keynote speaker during TMMNA's minority business conference and trade fair at the Greater Cincinnati Convention Center in downtown Cincinnati, OH.

Toyota's Opportunity Exchange is a forum designed to provide minority business enterprises (MBEs) across the nation the chance to network and develop relationships with over 200 of Toyota's suppliers. Toyota's Tier I suppliers, those who supply parts directly to Toyota, attend the event as exhibitors for the purpose of doing more business with minority-owned companies. Toyota estimated representatives from more than 500 MBEs attended this year's event.

"Since the first Opportunity Exchange in 1990, the event has grown from $350,000 in resulting Tier I - MBE contracts to nearly $60 million in new contracts through last year," said Teresa Hudson, supplier diversity coordinator, TMMNA.

When TMMNA announced its diversity supplier program targets for the first time in 1997, the company set a 5% direct target for Tier I suppliers by 2002. In 2001, the company announced that it had met the goal a year early, and that purchases from minority-owned businesses would exceed 6% in 2002.

The new targets set a goal of 7.5% annual minority Tier I purchases by 2005. When TMMNA's Tier 2 requirements are added to this goal, minority business spending will exceed $1 billion by 2005.

"One of the cornerstones of 'The Toyota Way' is continuous improvement," said Dennis Cuneo, senior vice president, TMMNA. "These new goals are a result of this belief, but we see the target as a floor, not a ceiling. Our goals are a win-win-win -- for MBEs, for our suppliers, and for Toyota."

By 2005, Toyota will have capacity to build 1.5 million cars and trucks a year and 1.16 million engines in North America. At this time, Toyota will employ some 33,000 people throughout North America. Toyota's North American- produced vehicles include the Avalon, Camry, Corolla, Matrix, Sienna, Solara, Sequoia, Tacoma and Tundra. Beginning in the fall of 2003, the Lexus RX300 will be produced at the automaker's plant in Ontario, Toyota Motor Manufacturing Canada.

For more information about Toyota's Supplier Diversity Program and Opportunity Exchange 2002, visit www.toyotasupplier.com .