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Toyota Named Most Admired Automotive Company in Fortune Magazine Survey

9 October 1997

Toyota Named Most Admired Automotive Company in Fortune Magazine Survey

    NEW YORK, Oct. 9 -- Fortune magazine named Toyota Motor
Corporation one of the world's most admired companies and the top company in
the automotive category in its first ever ranking of the world's most admired
companies.  The article will appear in the October 27, 1997 issue of Fortune
Magazine.
    Toyota came out on top in the motor vehicles and parts category based on
eight criteria, including "innovativeness, overall quality of management,
value as a long-term investment, responsibility to the community and the
environment, ability to attract and keep talented people, quality of products
and services, financial soundness, wise use of corporate assets . . . [and]
effectiveness in doing business globally."
    "I know that I speak for all of Toyota when I say that we are honored to
be named the 'most admired' auto manufacturer on a global level, particularly
knowing that this opinion comes from a survey of  people involved in the auto
industry," said Takeshi Nagaya, President, Toyota Motor Corporate Services.
"However, we will not rest on these laurels.  We intend to continue our quest
to provide even better performance for our customers, employees, and all
stakeholders in Toyota around the world."
    Toyota has been dedicated to the localization of its global production.
Two years ago Toyota announced a global business plan. Toyota's ambitious
plans to increase its operating profit, cut costs, and expand global
manufacturing to six million units per year are right on track.
    In the United States, Toyota's local production capacity will be further
enhanced when its two new facilities open in 1998.  Toyota Motor
Manufacturing, Indiana (TMMI) in Princeton will produce the T100 truck and
have an initial capacity of 100,000 units and employ approximately 1,300
people.  Also, Toyota Motor Manufacturing, West Virginia, (TMMWV) in Buffalo
will begin to produce 4-cylinder engines for North American-built Corollas in
late 1998.  It will have an annual production capacity of 300,000 units and
employ approximately 300 people.
    "Toyota's 20,000 strong American workforce played a major part in earning
this recognition," concluded Mr. Nagaya.  "They all should be very proud."

SOURCE  Toyota Motor Corporation