Toyota Will List Shares on New York Stock Exchange

09/23/96

Nikkei English News has reported that Toyota Motor Corporation President Hiroshi Okuda said that Toyota will list its shares on the New York Stock Exchange within the next two to three years,

The plan to sell its stock on the NYSE is linked to the automaker's plans to expand its North American manufacturing and marketing operations. Toyota is building a pickup assembly plant in Indiana and started construction of an engine factory in West Virginia last week. Annual Toyota sales in the U.S. now exceed 1 million vehicles.

The Japanese carmaker plans to present documentation for the listing to the Securities and Exchange Commission in 1998, and hopes to get authorization for the offering in 1999. If approved, Toyota will become the second Japanese automaker to issue shares on the NYSE; Honda Motor Co. became the first in 1977.

Paul Dever -- The Auto Channel