Toyota and GM Extend Technology Pact

TOKYO January 14, 2004; Yoshio Takahashi writing for Dow Jones reported that Toyota Motor Corp. and General Motors Corp. agreed to extend their alliance to develop environmentally friendly technology for two more years, a Toyota executive said at a gathering with journalists Wednesday.

The two auto makers initially agreed to jointly develop green technology focusing on electric, hybrid and fuel-cell vehicles. Hybrid vehicles supplement internal combustion engines with electric motors.

The companies' initial agreement was scheduled to expire in March 2004. Their extended agreement will focus on developing fuel-cell vehicles, said Katsuaki Wantanabe, executive vice president of Toyota.