Acquisition

Toyota Motor Corporation
16 March 2001


Acquisition of Shares of The Chiyoda Fire and Marine Insurance Co., Ltd. and 
The Dai-Tokyo Fire and Marine Insurance Co., Ltd.

TOYOTA MOTOR CORPORATION (TMC) has acquired the shares of The Chiyoda Fire and
Marine Insurance Co., Ltd. (Chiyoda) and The Dai-Tokyo Fire and Marine Insurance
Co., Ltd. (Dai-Tokyo) as follows in order to strengthen its shareholding 
relationship with Aioi Insurance Co., Ltd. (Aioi) which will be established on
April 1, 2001 through merger between Chiyoda and Dai-Tokyo.

TMC intends to establish a relationship with Aioi as an insurance company close
to TMC, same as TMC did with Chiyoda, and will aim to maintain and develop a
shareholding and business relationship with Aioi.  Through this strong
relationship, TMC will work with Aioi to develop attractive auto insurance
products considering  customers needs and to provide better services  to  the
customers.

( Contents of Acquisition )

(1) Shares of Chiyoda

    - Number of shares acquired:                  20,000,000 shares
                                                  (Shareholding ratio of TMC
                                                  44.7% > 49.9%)

    - Acquisition price:                          JPY 344 (Closing price of the
                                                  morning session on March 16,
                                                  2001)

    - Acquisition method:                         Off-hour cross-order trading
                                                  on the market

    - Acquisition date:                           March 16, 2001


(2) Shares of Dai-Tokyo


    - Number of shares acquired:                  78,482,000 shares
                                                  (Shareholding ratio of TMC
                                                  0.0% > 19.3%)

     - Acquisition price:                         JPY 370 (Closing price of the
                                                  morning session on March 16,
                                                  2001)

     - Acquisition method:                        Off-hour cross-order trading 
                                                  on the market

     - Acquisition date:                          March 16, 2001