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Toyota and Exxon Ally for Next Generation Automotive Systems

27 October 1998

Toyota and Exxon Sign Agreement to Advance Next Generation Automotive Systems

    NEW YORK, Oct. 27 -- TOYOTA MOTOR CORPORATION (TMC) and Exxon
Corporation (Exxon) announced today that they have entered into a long-term
alliance to advance the science and technology necessary for next generation
automotive systems.  The joint effort brings together expertise in the
petroleum and automotive industries to accelerate the pace of development for
advanced internal combustion engines and hybrids, along with the fuels and
lubricants that these technologies will require.
    Under terms of the agreement, Toyota and Exxon will share business and
technological information, identify critical cross-industry factors impacting
future vehicle technology, and conduct joint research on new transportation
vehicle systems.  The alliance recognizes the need for an integrated research
approach to develop hardware and fuel combinations that provide improved
energy efficiency and reduced emissions.
    "In the short term, our goal is to reduce vehicle emissions.  Our
long-term goal is to develop more efficient, next-generation power sources.
We will be able to make greater progress toward those goals by working
together with the energy industry.  I look forward to tackling these issues
together with Exxon," said Akihiro Wada, Executive Vice President of Toyota
Motor Corporation.
    "Improving the performance of hydrocarbons in low emission vehicles is one
of our key business priorities, and working with Toyota to develop optimum
fuel engine systems will bring together the expertise of our two companies in
this important area," said Bill Innes, President of Exxon Research and
Engineering company.  "Exxon has a long-standing commitment to building
competitive advantage through proprietary research."
    Developing environmentally friendly next-generation automotive systems
with significantly lower emissions and improved efficiency is a complex
challenge.  Toyota and Exxon are determined to meet this challenge.
    Toyota and Exxon have been working together to meet customer needs with
high performing products for more than 25 years.  Since mid-1995, joint
research teams have been working to improve the performance of new lean burn
gasoline engines and to reduce particulate emissions from advanced diesel
engines.