Stmnt re Subsidiary

Toyota Motor Corporation
13 November 2001



LETTER TO:  COMPANY ANNOUNCEMENTS OFFICE

            Notice Concerning Dissolution of a Subsidiary of TMC

We hereby notify that DAIHATSU NEW ZEALAND LIMITED ('DAIHATSU NEW ZEALAND'), a 
subsidiary of Toyota Motor Corporation ('TMC'), has resolved to dissolve as 
described below.

1. Facts about DAIHATSU NEW ZEALAND

Location:                600 Great South Road, Greenlane, Auckland, New Zealand,
                         P.O. Box 17-120, Greenlane

Representative:          Murray Charles Hart

Shareholders' equity:    NZ$ 5,000,000

Ownership structure:     DAIHATSU MOTOR CO., LTD. -95%

2.  Factors which lead to dissolution

As DAIHATSU NEW ZEALAND, an import agency of Daihatsu vehicles, has become very 
difficult to ensure its profitability due to recently intensified price 
competition, DAIHATSU NEW ZEALAND decided to dissolve itself.

3.  Schedule for winding up

DAIHATSU NEW ZEALAND is scheduled to continue its business until April 2002 and 
begin the winding up procedures in or after May 2002.

4.  Anticipated effect on TMC'S consolidated sales and profits

The anticipated effect on TMC'S business performance will be minor.


Kiyohisa Funasaki