Stmnt re - Hino Motors Ltd

Toyota Motor Corporation
25 April 2001



                      Subscription of New Shares of
                 Hino Motors, Ltd. for Capital Increase

Toyota  Motor Corporation ('TMC') decided to subscribe for new shares of
Hino Motors, Ltd. ('Hino'), a business partner of TMC, to be issued for
capital increase by allocation of new shares to a third party, subject to
the  completion of the administrative procedures in and outside of Japan,
such as filing with and approval by the antitrust authorities.

In order to enhance the truck business of the Toyota group, TMC has considered
that it is necessary for TMC and Hino to establish an even closer  relationship
and in the case of Hino, whose strengthening of its corporate structure is
almost achieved after promoting structural reform, to  strengthen  and  expand
its business aggressively. Therefore, TMC decided to accept Hino's request for
capital increase and to acquire its new shares.

As a result of this acquisition of new shares, TMC's stake in Hino will increase
from 36.6% (number of shares held: 165,597,000) to 50.1% (number of shares held:
287,897,000) and in connection therewith, Hino will become a subsidiary of TMC.

Summary of subscription of new shares

*  Number of shares to be subscribed for:    122,300,000 shares

*  Allocation price:                         JPY 542 per share 
                                            (par value JPY 50 per share)

*  Aggregate subscription price:             JPY 66,286,600,000

*  Subscription date:                        August 29, 2001

*  Payment date:                             August 30, 2001

*  Each of the above items shall be subject to the completion of the            
   administration procedures in and outside Japan, such as filing with and      
   approval by the antitrust authorities.

Change in number of shares

                                  Before subscription of  After subscription of
                                       new shares              new shares

Number of outstanding shares of Hino     452,280,000           574,580,000

Number of shares held by TMC             165,597,000           287,897,000

    Shareholding ratio                      36.6%                 50.1%


Contact: TMC, Public Affairs at [phone]-6 (Tokyo Head Office)
                                (0565)-23-1520-4 (Head Office) 
                                [phone]-3  (Nagoya)


Company Profile of Hino Motors, Ltd.

1. Corporate name:            Hino Motors, Ltd.

2. Location of head office:   1-1 Hinodai 3-chome, Hino-shi, Tokyo

3. Representative:            President, Hiroshi Yuasa

4. Date of establishment:     May 1, 1942

5. Number of employees:       8,694 (as of March 31, 2001)

6. Description of major      (1) Manufacturer and sale of trucks and buses
   business:                 (2) Manufacturer of small vehicles
                             (3) Manufacturer and sale of parts and
                                 accessories of the above products

7. Closing date:              March 31 of each year

8. Capital:                   JPY 39,573,000,000

9. Aggregate number of        452,280,000 shares
   outstanding shares:

10. Major shareholders and    Toyota Motor Corporation             36.6%
    shareholding ratio:       Asahi Mutual Life Insurance Company   4.4%
                              Nippon Life Insurance Company         3.9%
                              The Sakura Bank, Ltd.                 2.2%
                              The Chuo Mitsui Trust and Banking, 
                              Co., Ltd.                             2.2%
                              (as of March 31, 2001)

11. Business performance in recent fiscal years (consolidated):

                                                            (millions of yen)

                   Fiscal year ended March       Fiscal year ended March
                         31,1999                     31,2000

Net sales                    432,284                    653,287
Gross profit                   4,786                     77,267
Operating loss               (37,592)                   (27,458)
Ordinary loss                (42,654)                   (25,685)
Net loss                     (36,659)                   (21,837)
Total assets                 392,600                    832,554
Shareholders' equity         104,055                    107,657