Dissolution of a Subsidiary

Toyota Motor Corporation
23 April 2003

                                 (Translation)


To Whom It May Concern:

                                                                  April 23, 2003


                                             Company Name: HINO MOTORS, LTD.
                                             Name and Title of Representative:
                                               Tadaaki Jagawa, President
                                             Code Number: 7205
                                               Securities exchanges throughout Japan
                                             Name and Title of Contact Person:
                                               Toshihisa Sakaki
                                               General Manager, Public Relations Department, 
                                                 Corporate Planning Division
                                               Telephone Number: 03-5419-9320
                                             Parent Company of HINO MOTORS, LTD.:
                                             TOYOTA MOTOR CORPORATION
                                             Name and Title of Representative:
                                               Fujio Cho, President
                                             Code Number: 7203
                                               Securities exchanges throughout Japan
                                             Name and Title of Contact Person:
                                               Takahiko Ijichi
                                               General Manager, Accounting Division
                                               Telephone Number: 0565-28-2121





Notice Concerning Dissolution of Subsidiary


We hereby notify you that HINO MOTORS, LTD. ('HINO') has decided to dissolve its
subsidiary, Thai Hino Motor Corporation, Ltd. ('THMC'), as described below.



1.    Name and facts about the subsidiary to be dissolved
Trade Name:                     Thai Hino Motor Corporation, Ltd.
Incorporation:                  July 1964
Capital:                        300 million bahts (JPY 840 million*)
                                *Note: 1 baht= JPY2.8
Issued shares:                  300,000 shares
Total assets:                   294 million bahts (JPY 823 million*)
Number of employees:            0
Major clients:                  THMC holds no clients as it is a holding company 
                                and is not engaged in any business activities.
Shareholder composition:        HINO 35%, MITSUI & CO., LTD. 35%, Hino Motors 
                                (Thailand) Ltd. 30% (Hino Motors
                                (Thailand) Ltd. is a subsidiary of HINO)
Business performance (Fiscal    Net sales: 0 million baht
year ended March 31, 2003):     Ordinary loss: 2 million bahts (JPY 6 million*)



2.    Schedule for dissolution
Scheduled to be dissolved during 2003.



3.    Reason for dissolution
In order to streamline the shareholding structure and to improve the business 
efficiency.



4.    Anticipated effects on the business performance
The anticipated effects of the dissolution on each of HINO's and TOYOTA's net 
incomes for the term will be very minor.




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