• Overseas
  • News release
  • NEWOct. 15, 2001

Daihatsu and Toyota Begin Joint Operation in Venezuela

Oct. 15, 2001

- Terios to Be Produced at Local Toyota Base -

Daihatsu Motor Co., Ltd. and Toyota Motor Corp. are teaming up to produce Daihatsu's Terios small passenger car (1300 cc) in Venezuela.

Toyota de Venezuela C.A. (TDV), a Toyota subsidiary, will begin production in mid-November. Sales are due to begin by the end of this year through the Toyota dealer network, with a sales target of 6,000 vehicles per year.

In conjunction with the joint undertaking, Daihatsu concluded a distributor agreement with TDV for Terios sales in Venezuela, and a technical assistance agreement.
Due largely in part to the Venezuelan government's "family car" campaign, which is aimed at encouraging sales of compact cars, vehicles in the "family car" category now account for about half of all passenger vehicles sold in Venezuela. Their market share is expected to grow.
The Terios — which has received government designation as a "family car" — fits into this scenario and will equally address Toyota's desire to introduce a suitable car in the expanding "family car" market and the needs of Daihatsu's overseas business strategy.

Outline of Toyota de Venezuela C.A. (TDV)

Established 1957 (Toyota investment from 1989)
Location Cumana (northeast Venezuela)
Shareholders 90% Toyota Motor Corp., 10% Aracne S.A. (local partner)
Production capacity 24,000 units/year (single shift)
Sales results (2000) 19,905 units (Corolla, Land Cruiser, Dyna, others)
Sales outlets 57
Employees 937