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TOYOTA LAUNCHES CAMRY WAGON AS PRIME EXAMPLE OF AUTO INDUSTRY GLOBALIZATION (Product Announcement)

 TOYOTA LAUNCHES CAMRY WAGON AS PRIME
 EXAMPLE OF AUTO INDUSTRY GLOBALIZATION
 CHICAGO, Feb. 7 /PRNewswire/ -- Toyota Motor Sales (TMS) U.S.A. Inc., cited the launch of the new U.S.-built Camry station wagon at the Chicago Auto Show as a prime example of the globalization of the auto industry, and strong evidence of the company's commitment to reducing the U.S. trade deficit.
 "We are expanding our U.S. design, engineering, manufacturing and export capabilities to meet customer needs in the increasingly global market," said George Borst, vice president strategic and product planning at TMS.
 "Within the year, we will begin exporting left- and right-hand drive Camry wagons from Georgetown, Ky., to a number of world markets including Europe, Canada and Japan. The addition of Camry wagons will nearly double our vehicle exports to 45,000 for 1992. The wagon will account for approximately 40 percent of the total. This should make Toyota the largest Japanese exporter of cars built in the U.S."
 Borst pointed out that exports of U.S.-built parts are also rapidly increasing.
 "Last month, Toyota Motor Manufacturing (TMM) announced a $90 million expansion to enable it to build six-cylinder engines, in addition to four-cylinder engines for Camry," said Borst. "The new capacity will enable TMM to ship an annual rate of 100,000 engines a year to Japan.
 "Soon, two ships carrying engines will pass in the night; one will be loaded with Toyota engines assembled in the U.S. going to Japan; the other will be coming to America with Mitsubishi engines going into Chrysler vehicles."
 Borst's comments regarding the two ships were meant to focus attention on Big Three dependence on Japanese products as an important contributor to the U.S. trade deficit with Japan.
 "One out of three Chrysler products include either a Mitsubishi- built vehicle, or one that has either a Japanese imported engine or transmission," said Borst. "In 1991, almost 30 percent of Ford's total passenger cars were joint ventures with Mazda. The point of this is two-fold. First, our two countries are very dependent on one another in this industry and there's no quick fix that can be implemented without affecting American jobs or consumer choice. Second, the trade deficit with Japan is not purely the result of Japanese manufacturers.
 "Let me give you an example. In 1986, Toyota sold just over a million units from Japan -- and obviously exported them nothing. In 1991, Toyota and Lexus sold just over a million cars and trucks. Of this 1 million, one-third came from North American production."
 Borst added that when you add in the forecasted '92 exports of 45,000, the $2 billion in U.S. parts purchases Toyota intends to make in '92, as well as a second Camry plant on line in '94, and a '94 U.S. parts purchase target of $5 billion, "...you can see that Toyota is part of the solution -- not the problem."
 -0- 2/7/92
 /EDITOR'S NOTE: This release is one of three sent together on PR Newswire:
 "Seven-Passenger Camry Station Wagon Introduced by Toyota;"
 "Toyota Launches Camry Wagon as Prime Example of Auto Industry Globalization;" and,
 "Toyota Announces '92 Export Plan for U.S.-Built Vehicles."/
 /CONTACT: John Hanson of Toyota Motor Sales U.S.A., 310-618-4718/ CO: Toyota Motor Sales, U.S.A. Inc. ST: California IN: AUT SU: PDT


SE-EH -- LA006 -- 7680 02/07/92 10:31 EST
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Publication:PR Newswire
Article Type:Product Announcement
Date:Feb 7, 1992
Words:572
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