27 October 1998

Exxon Corporation and Toyota Motor Corporation announced that they have entered into a long-term alliance to advance the science and technology necessary for next generation automotive systems. The cooperation is aimed at the development of advanced internal combustion engines and hybrids, along with the fuels and lubricants that these technologies will require.

Exxon and Toyota will share business and technological information, identify critical cross-industry factors impacting future vehicle technology, and conduct joint research on new transportation vehicle systems. The alliance recognizes the need for an integrated research approach to develop hardware and fuel combinations that provide improved energy efficiency and reduced emissions.

"In the short term, our goal is to reduce vehicle emissions. Our long-term goal is to develop more efficient, next generation power sources," said Akihiro Wada, executive vice president of Toyota Motor Corporation.

"Improving the performance of hydrocarbons in low-emission vehicles is one of our key business priorities, and working with Toyota to develop optimum fuel-engine systems will bring together the expertise of our two companies in this important area," said Bill Innes, president of Exxon Research and Engineering Company.

Since mid-1995, Exxon and Toyota joint research teams have been working together to improve the performance of new lean burn gasoline engines and to reduce particulate emissions from advanced diesel engines.

Source: Exxon Corporation