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Toyota Named World's Most Admired Automotive Corporation

8 October 1998

Toyota Named World's Most Admired Automotive Corporation for the Second Consecutive Year in Fortune Magazine Survey

    NEW YORK, Oct. 8 -- Toyota Motor Corporation was ranked the
world's most admired automotive company for the second consecutive year in
Fortune Magazine's 1998 "World's Most Admired Companies" survey.  The survey
also named Toyota Japan's top company in the regional rankings.
    The survey ranks 278 companies in 21 countries and appears in the
October 26, 1998 issue of Fortune Magazine.  Senior executives and outside
directors from each industry as well as financial analysts were polled to
compile the survey.
    Toyota was applauded for its "nerve to execute long-term strategies"
especially in Asia where "many companies would cut and run."  Toyota's
strategy has been the same since the announcement of the 1995 Global Business
Plan, which called for the further localization of Toyota's business
operations.  Fortune cites Toyota's Indonesia plant as one example of this
commitment, "Toyota rolled the first cars off its second Indonesia plant in
February... Though sales in Indonesia plummeted this summer, Toyota views its
plants there as a long-range investment in the country's future."
    Toyota was also praised for its ability to produce vehicles on a global
scale that incorporate local design and styling.  Toyota is currently moving
towards streamlining production to a seven platform system world-wide.  This
reduced platform system will enable Toyota to more effectively implement new
technologies and keep production costs down.
    "Once again we are honored to have been selected as the world's most
admired automotive manufacturer as well as the added honor this year of being
named the top Japanese company.  Toyota has always considered the needs of the
local consumer to be a priority as we continue our global localization
efforts," said Takeshi Nagaya, president, Toyota Motor Corporate Services of
North America, Inc.
    In the United States, Toyota has substantially increased its localization
efforts, Toyota Motor Manufacturing, Indiana, Inc., (TMMI) in Princeton, will
produce the Tundra, Toyota's all new full-size pickup truck.  When fully
operational, the $1.2 billion plant will employ 2,300 people.  Also, Toyota
Motor Manufacturing, West Virginia, Inc., (TMMWV) in Buffalo will be a
$900 million investment.  When fully operational, it will produce 4-cylinder
and V-6 engines; and automatic transmissions. TMMWV will employ 800 people.
    Industry and regional rankings were based on nine criteria: overall
management quality, products or service quality, innovativeness, value as a
long-term investment, financial strength, responsibility to the community and
environment, wise use of corporate assets and effectiveness of doing business
globally.
    As a member of the American business community since 1957, Toyota has made
a substantial investment in its U.S. operations.  This investment reached
nearly $8 billion by the end of 1997.  Toyota is the fourth largest
manufacturer of vehicles in America and has more than 23,000 U.S. employees
engaged in design, research and development, manufacturing, sales and service
operations; and an additional 81,000 people at Toyota and Lexus dealers.