Hino Motors to Launch Production of Medium-Duty Trucks Exclusive for
North America in the U.S. and Production of Large DE in China Autumn 2004
Under long-term global sales goal of 150,000,
overseas sales expected to surpass domestic sales in FY 2006

  Hino Motors sets the long-term international sales goal at 150,000 (truck/bus sales of FY 2002 were 60,485, while those of FY 2003 were 87,018). The unit sales scale will boost Hino Motors to one of the world's top 5 makers in the over three-ton truck markets. Aiming at the long-term goal, Hino Motors will fully enter into the U.S. market where Hino Motors set up the sales target of FY 2010 at 30,000 (sales record of FY 2003 was 1,979). The company sets the sales target of FY 2010 at 20,000 or 30,000 in the Chinese Market where joint production with the Chunlan Group was said to be promising. Sales target for the ASEAN region is set at 30,000 or 40,000 through the business structure consisting of independent manufacturing and sales companies since 2003 in Thailand and Indonesia forming the core business bases for the region.

  The following describes Hino Motor's business review and the latest movements North America and China where the company will establish new core business. Hino Motors will start commissioning the production of vehicles exclusive for North America (Class 4 to Class 7 hood-type trucks) to Toyota TABC starting in autumn 2004.

  In addition, Hino Motors will start production of large diesel engines in China also starting in autumn 2004. While the company began negotiations with the Chunlan Group about the plan of joint production of trucks, Beijing has imposed a limitation on foreign auto maker groups to have Chinese joint venture partners up to two. Sources say that the company withdrew the tie-up with Chunlan, considering joint partnership with FAW, instead.

■Sales of FY 2003 exceeds one trillion Yen for the first time; overseas sales expands 32% to 150 billion Yen

  Hino Motors's sales of FY 2003 exceeded one trillion Yen for the first time to one trillion 51.6 billion Yen. Of these sales, domestic business expanded 30% to 512.6 billion Yen thanks to demand under the emission gas regulations; overseas business of which exceeded 100 billion Yen in FY 2002 also expanded 32% to 150 billion Yen; and sales for Toyota were 388.6 billion Yen. Operating profit jumped by 2.3-fold to 44.6 billion Yen.

  Hino Motors initially saw that domestic sales would be 89,000, projecting a 24% drop in gross demand for medium duty trucks associated with shrinking demand to meet the strengthened emission gas regulations. Fortunately, Hino Motors received more orders than expected between April and May. Thus, the company raised the projections in May 2004 as follows: from 89,000 to 93,000 for gross demand for medium-duty trucks; and, in projection of FY 2004, from 42,100 to 43,900 for domestic truck/bus sales, 980 billion Yen to 990 billion Yen for integrated sales, and from 31 billion Yen to 35 billion Yen for operating profit.

■Hino Motors Consolidated Production and Sales Volume

(units)

		FY1999	FY2000	FY2001	FY2002	FY2003	FY2004 Plan
							Announced in Apr.	Announced in May
Production	Trucks/Buses	45,421	49,821	52,965	57,856	87,070	83,600
	Toyota consigned vehicles	135,459	140,734	141,045	191,743	222,676	212,700
Sales	Domestic Overseas	30,002 14,965	33,136 19,380	34,011 21,448	34,742 25,743	51,242 35,776	42,100 43,300	43,900
	Trucks/Buses Total	44,967	52,516	55,459	60,485	87,018	85,400
	Toyota consigned vehicles	135,459	140,734	141,045	191,743	222,676	212,700

■Hino's forecast for the Japanese market (units)   FY2002 FY2003 FY2004 Plan Announced in Apr. Announced in May Heavy-duty trucks Medium-duty Trucks Trucks Total 37,700 41,000 78,700 55,100 62,200 117,400 41,000 48,000 89,000 93,000 Light-duty Trucks 95,200 146,900 107,000   Grand Total 173,900 264,300 196,000   Source: Hino Motors Financial Results Note: Hino Motors revised up domestic gross demand for medium-duty trucks and sales projection of Hino vehicles in the announcement of the "Medium-Term Plan of FY 2004" in May 2004.

■Hino Motors Consolidated Sales by Division

		Unit Sales			Sales Amount(Million Yen)
		FY2001	FY2002	FY2003	FY2001	FY2002	FY2003
Truck & Bus	Domestic Overseas	34,011 21,448	34,742 25,743	51,242 35,776	222,794 74,730	222,717 88,120	325,585 121,656
	Total	55,459	60,485	87,018	297,525	310,837	447,241
Consigned vehicles	Vehicles Parts for overseas production	141,045	191,743	222,676	176,315 55,618	248,938 57,913	296,078 58,102
	Total	141,045	191,743	222,676	231,934	306,852	354,181
Supply Parts	Domestic Overseas				45,439 13,331	44,055 11,329	48,947 11,298
	Total				58,770	55,384	60,246
Others	Domestic				129,596	126,851	138,101
	Overseas				8,072	14,736	17,387
	Toyota				32,740	35,655	34,428
	Total				170,410	177,243	189,917
Grand Total					758,640	850,317	1,051,586

Source: Hino Motors Financial Results

■Breakdown of Consigned Vehicles and Engines (Unconsolidated)

		Unit Sales			Sales Amount (Million Yen)
		01	02	03	01	02	03
Consigned vehicles	CBU (Hilux) KD (Dyna)	130,437 10,002	171,631 19,624	187,400 34,817	153,812 19,156	221,582 24,569	248,092 45,374
	High Mobility Wheeled Vehicles Parts for overseas production	606	488	459	3,347 55,618	2,786 57,913	2,611 58,102
	Total	141,045	191,743	222,676	231,934	306,852	354,181
Engines	Domestic Export	5,429 2,022	4,960 1,803	4,847 1,765	3,835 2,120	3,503 2,221	3,554 2,120
	Total	7,451	6,763	6,612	5,955	5,725	5,675

■Overseas business to surpass domestic unit sales in FY 2006; Hino Motors to develop Toyota commercial vehicles

  Hino Motors announced in May 2004 the medium term business plan between FY 2004 and FY 2006 (a three-year rolling plan annually announced since FY 2002. The first year of a plan is used for the name of the plan. The plan announced in May 2004 is called as the 04 medium term plan (Chukei in Japanese)). According to the plan, the company broadly divided its basic business into Hino brand business line and Toyota brand business line. For domestic business of the Hino brand business line, Hino Motors will focus on reforming the profit structure of truck business and to completed vehicle business.

  To strengthen overseas business, Hino Motors will invest 57.5 billion Yen of 165.5 billion Yen for three years. Investment in overseas business will surge up from 200 million Yen as a record of FY 2000 to 17.9 billion in FY 2004. The company will reduce manufacturing costs through increasing local buying in Asia. It will refresh sales services to establish a sales structure on the 10,000-scale earlier in North America. In China, the company aims at full business expansion.

  Overseas sales of FY 2003 were 35,700 equal to 41% of integrated unit sales. The company plans to expand the sales by 57% to 67,100 in FY 2006 surpassing domestic unit sales.

  Hino Motors will start production of engines in China from November 2004. Thus, the company plans sales of 42,800 engines in FY 2006 equal to 6.5-fold of sales record of 6,600 in FY 2003.

  As a part of Toyota business line, the company will undertake development of Toyota's frame-attached vehicles to establish a position as a global chassis supplier. Although Toyota will transfer the production of light-duty trucks produced at the Toyota Head Plant to the Hino Hamura Plant from 2005, Hino Motors sees that contract production volume will decrease because contract production of Hilux will expire in FY 2005.

■Hino Motors Three-year Medium term Business Plan (FY2004-FY2006)
■Sales and Profit Plan

	FY2003	FY2004	FY2005	FY2006
Consolidated Sales (100 Million)	10,515	9,900	10,300	10,500
Operating profit (100 Million)	445	350	490	530
Operating margin (%)	4.2%	3.5%	4.8%	5.0%
ROE (%)	17.0%	8.3%	12.6%	10.7%

■Unit Sales Plan by Division

(units)

		FY2003	FY2004	FY2005	FY2006
Domestic	Heavy Trucks Market Share	15,456 28.0%	13,500 30.0%	15,900 30.5%	16,100 31.5%
	Medium Trucks Market Share	18,184 29.2%	14,400 30.0%	16,200 30.5%	14,900 30.5%
	Light Trucks Market Share	14,704 10.0%	13,600 12.0%	18,700 13.0%	17,800 14.0%
	Trucks Total	48,344	41,500	50,800	48,800
	Buses Market Share	2,846 20.1%	2,400 21.0%	2,500 22.0%	2,500 23.0%
	Domestic Total	51,190	43,900	53,300	51,300
Overseas	Unit Sales	35,705	43,100	51,500	67,100
Toyota	Consigned vehicles	222,676	213,000	160,000	143,000
PE	Engines	6,612	14,800	24,600	42,800

Source: Hino Motors Press release on May 31, 2004

■Hino Motors to reform profit structure of domestic business through introducing modules and promoting completed vehicle business

  In the domestic business, Hino Motors aims at cost reduction for the next generation models by 30% over FY 2003 through introducing modules, reducing undercarriages etc. In addition, the company will expand completed vehicle business begun with light-duty trucks in FY 2003. It will also develop a structure for simultaneous production of chassis and special equipment with major special equipment makers, while reducing special equipment makers to 30. The company aims at expanding profit and shortening delivery time.

  Reorganization of bus businesses is underway to consolidate the bus divisions of Hino Motors and Isuzu Motors, both of which had made effort to integrate bus businesses since October 2002. Both companies, in August 2004, finally announced merger of JBus, Hino Auto Body and Isuzu Bus effective on October 1, 2004. JBus had been founded to prepare for the merger. After consolidating development functions in order, the new integrated bus company will introduce part of vehicles in compliance with the new long-term emission gas regulations in the market.

■Hino Motors aims at cost reduction by 30% over FY 2003 for the next generation models through introducing modules

■Hino Motors' set modules not only to reduce the number of parts but also to meet various needs   Hino Motors will set modules not only to reduce the number of parts but also to meet various needs. The company has divided car bodies into cabs, front-ends, rear-ends and bodies. They are divided further by component unit and by function module. Combination of these parts and modules will create varieties of vehicles. Modules will be shared among classes. The company plans to introduce these modules in new models to be launched in 2005.

The company successfully reduced the number of control items of spare parts from 2.91 million items to 640 thousand items till FY 2003. The company will further reduce them to 300 thousand items in a couple of years through introducing modules.

■Annual cost reduction of a billion yen in FY 2003 through implementing completed vehicle business   Hino Motors reduced, in April 2003, the number of special equipment makers which have transactions with Hino Motor's affiliate dealers to 30. Sources say that the company successfully saved about a billion Yen including directly cut costs of 600 million Yen and business expenses etc. for the initial year.

In addition, the company will establish a simultaneous production structure of main bodies and special equipment together with major special equipment makers including Nihon Fruehauf etc. to reduce inventory by one-month delivery after receiving orders. The company aims at a win-win business structure among three parties, i.e., chassis makers, special equipment makers and customers.

■Drastic reduction of types of undercarriages; for Profia launched in October 2003, those reduced from 101 to 33   Hino Motors reduced types of undercarriages for the new Profia launched in October 2003 from 101 to 33. The company will also reduce undercarriages for new models to be launched for the future to one tenth to reduce parts items and manufacturing costs. The company plans to integrate these undercarriages to share with overseas models.

■Integration of bus divisions with Isuzu to restructure bus business   Hino Motors and Isuzu Motors founded JBus Limited in October 2002 to prepare for integration of bus business units. For consolidating Hino Auto Body and Isuzu Bus which were bus makers subsidized by both companies, JBus would start preparation October 2003 according to a plan.

These companies, however, agreed in September 2003 to postpone final integration to October 2004. Also they agreed to make JBus a holding company of Hino Auto Body and Isuzu Bus. As to new model vehicles, Hino Motors will have charge of sightseeing busses and Isuzu Motors will have charge of route buses for the immediate future. They will supply each other. Both company's sales channel will remain as is.

Hino Motors and Isuzu Motors announced in August 2004 that there is no change in schedule to merge the three companies, JBus, Hino Auto Body and Isuzu Bus on October 1, 2004. Both companies will consolidate development functions. The merger is intended to sharpen the competitive edge through consistently handling from development, procurement to production. Emerging JBus will introduce part of those in compliance with the new long-term emission gas regulations for its first designed models in the market.

Source: Hino Motors Press releases on Sep. 12, 2003/Aug. 30, 2004

■Hino Motors separates manufacturing and sales departments in Thailand and Indonesia to strengthen business bases

  To strengthen the business structure in the core market next to Japan, the ASEAN region, Hino Motors has separated the manufacturing and sales departments into independent companies in Thailand and Indonesia in line to increase efficiency through specializing and concentrating each function to each company. The manufacturing companies will increase local buying to reduce costs.

  The manufacturing company in Thailand, Hino Motors Manufacturing supplies frames, chassis etc. to the IMV manufactured by Toyota in addition to Hino brand vehicles. As to sales, Hino Motors will concentrate sales of Toyota's two or three-ton trucks on Hino Motors Sales. Sales target of FY 2004 in Thailand is set at 9,800 more than FY 2003 by 30%.

  In Indonesia, PT Hino Indonesia Manufacturing will build a new plant to manufacture buses and trucks of GVW class from 10 tons to 24 tons.

■Hino Motors separates manufacturing and sales divisions in Thailand and Indonesia to strengthen the business bases
■In Thailand, manufacturing company supplies parts for IMV; Hino Motors integrates sales of Toyota commercial vehicles to HMST

Hino Motors span off its local subsidiary in Thailand to a manufacturing company, HMMT or Hino Motors Manufacturing (Thailand) and HMST or Hino Motors Sales (Thailand) in June 2004.

HMMT will produce on a commission basis part of the IMV manufactured by Toyota in Thailand as transfer of production of the Pickup for export by Hino Motors in Japan for Toyota. HMMT will supply frames, chassis and real axles for IMV to support the IMV project. IMV related investment by HMMT was three billion Baths.

Hino Motors released a Thai-made two to three-ton class truck, the Dutro, in October 2003. Sales target is at 500. This was the first time for Hino Motors to produce and sell its light-duty trucks in Thailand. Till then, the company sold the old Toyota Dyna under Hino brand, which were supplied under the OEM contract with Toyota. In Thailand, Hino and Toyota will concentrate sales of Toyota and Hino Motors made two to three-ton trucks made to Hino Motors to enhance sales efficiency.

Hino and Toyota is concentrating sales of trucks to Hino also in Australia.

■In Indonesia, Hino's new plant start producing heavy-duty trucks and buses in September 2003

Hino Motors span off its local subsidiary in April 2003 into a manufacturing firm, PT Hino Indonesia Manufacturing, and a distributor, PT Indomobil Sukses International Tbk.

The manufacturing firm, PT Hino Manufacturing Indonesia, built a new plant which started manufacturing in September 2003.   The new plant with premises of 120,000 square meters and the building of 16,200 square meters is at the Kota Bukit Indah Industrial Complex in Purwakarta. The plant with the annual production capacity of 3,000 per shift produces GVW from 10-ton to 24-ton class busses and trucks. Although the Asian Currency Crisis forced the company to suspend construction of the plant in 1997, the company resumed the construction in 2002. HIM has been assembled engines for busses and trucks in-house, while it commissioned assembling vehicles to National Assembler. The new plant will assemble both engines and vehicles for the future.

Source: Hino Motors Annual Report 2003 Press releases on Jan. 22, 2003/Apr. 23, 2003

■Toyota TABC starts contract manufacturing of trucks exclusive for North America, targeting sales of 10,000 in FY 2006

  Hino Motors announced in 2002 that it would fully enter into the U.S. market. The company has exported hood type four-ton class trucks developed exclusively for North America since autumn 2003. TABC (California) Toyota's parts plant manufacturing truck beds, catalyst converters etc. will start contract manufacturing of vehicles exclusive for North America from October 2004.

  As to sales, Hino Motors tied up with Penske Automotive Group proven in lease and rental of commercial vehicles in May 2003. The company will reduce 120 dealers to 70 dealers first, planning to increase again to 100 dealers under the partnership with Penske. In addition the company will tie up with trailer specialized dealers such as Mack Truck to achieve sales of 3,400 in FY 2004 (increase by 70% over FY 2003), 10,000 through 150 dealers in FY 2006 and 30,000 in FY 2010.

  Hino Motors will build a new plant in Arkansas to start production in 2006. The new plant will produce differentials , rear axles and suspension related parts for the Tundra, a pickup truck, which Toyota will produce at its Texas Plant from 2006. Hino Motors says that the company will focus on achievement of annual sales of 30,000 through developing sales network as set for the mid term target for a time being.

■Hino Motors announces May 2003 to fully enter into U.S. market
■Hino Motors ties up with Penske Automotive Group to restructure dealers and U.S. Hino

Hino Motors will restructure the joint distributor with Mitsui and Co., Ltd., the U.S. Hino through partnership with Penske Automotive Group. The company name was changed from Hino Diesel Truck USA to Hino Motors Sales USA.

(1) Hino increased capital from eight million dollars to 22 million dollars. After the capital increase, the equity structure is as follows: Hino has 50% stake, PCP Holding has 25% and the Mitsui Group has 25%.

(2) Under the partnership with the Penske Automotive Group, (1) the group's lease and rental division will deal Hino vehicles; (2) the group will establish dealers in areas without dealers at the present; and (3) the group will accept a vice president in charge of sales.

The Penske Automotive Group is a proven company in lease and rental of commercial vehicles, sales of passenger vehicles, auto race etc. with consolidated sales of 11 billion dollars. The group has a close and long-term relationship with Toyota.

■Hino to restructure manufacturing firm for local production

Hino Motors will change the name of Hino Motors International, which has supplied spare parts to Central and South America until today, to Hino Motors Manufacturing. The renamed company will be rebuilt as a manufacturing company having the following No. 1 to 3 functions.

(1) Hino Motors Manufacturing will build a new plant to manufacture components for Toyota's local plants; (2) the company will assume responsibility for contract manufacturing of vehicles exclusive for North America at TABC starting from October 2004; and (3)the company will procure parts for vehicles exclusive for North America.

Source: Hino Motors Press release on May 29, 2004

■Hino will develop trailer specialized dealers to strengthen U.S. sales network, while increasing dealers to 150

Hino will reorganize the sales network in the U.S. The company will reduce about 100 dealers to 70, referring to sales records. In addition, the company intends to expand sales through new sales agreement with trailer-specialized dealers of the Mack Truck etc. to deal Hino brand vehicles together. The company aims at a sales network consisting of the total 150 dealers with sales force for trucks.

Source: Nikkan Kogyo Shinbun Feb. 26, 2004

■Hino to manufacture parts for Toyota at Arkansas Plant from 2006

	Profile
Location	Marion City, Arkansas State
Start production	October 2006
Produced items	Differentials, rear axles, suspension related parts for the Tundra which Toyota will produce at the Texas Plant from 2006
Production capacity	About 300 thousand per year in unit
Invested amount	160 million USD
Number of employees	280 employees

Source: Hino Motors Press release on Jul. 24, 2004

  Hino Motors introduced medium duty class trucks exclusive for North America. Annual sales of these vehicles in the U.S. were 180 thousand to 250 thousand. Sales fell below 200 thousand from FY 2002 to FY 2003, while sales increased 24% to 130 thousand between January and July in 2004 over previous year. In addition to truck specialized major firms, such as Freightliner and Navistar, GM sells 30,000 to 40,000 per year and Ford sells 50,000 to 70,000.

■Medium & Heavy Truck Unit Sales in the US and Canada

■Medium/Heavy Duty Truck Sales in the US

(units)

	1998	1999	2000	2001	2002	2003	Jan.-Jul. 2003	Jan.-Jul. 2004
Class 4 Class 5 Class 6 Class 7	43,357 25,189 31,586 114,662	49,423 30,353 48,115 130,983	47,417 29,165 51,169 122,614	52,037 24,362 42,430 91,564	37,827 24,003 45,095 69,328	39,616 28,980 51,040 66,789	22,584 16,430 28,523 36,863	27,051 21,016 42,576 41,330
Medium Total	214,797	258,874	250,365	210,393	176,253	186,425	104,400	131,973
Heavy (Class 8)	209,483	262,316	211,553	139,614	146,031	141,964	76,321	107,184
Medium+Heavy	424,280	521,190	461,918	350,007	322,284	328,389	180,721	239,157

Source: Ward's Automotive Reports

■Medium/Heavy Duty Truck Sales in Canada

(units)

	1998	1999	2000	2001	2002	2003	Jan.-Jul. 2003	Jan.-Jul. 2004
Medium Duty Heavy (Class 8)	7,511 29,094	15,124 30,984	14,058 27,905	12,525 18,495	11,598 20,341	11,883 22,481	6,849 11,672	8,489 16,058
Medium+Heavy	36,605	46,108	41,963	31,020	31,939	34,364	18,521	24,547

Source: Ward's Automotive Reports
Note: Truck classifications in the US and Canada are shown below.

■Truck classification by GVW (pounds)   Light Duty Medium Duty (Hino's market) Heavy Class 1~3 Class 4 Class 5 Class 6 Class 7 Class 8 GVW (pounds) ≦14,000 14,001- 16,000 16,001- 19,500 19,501- 26,000 26,001- 33,000 Over 33,001 GVW (tons) ≦6.4t ≦7.3t ≦8.8t ≦11.8t ≦15.0t Over 15.0t

■Medium Duty Truck Sales (Class 4-Class 7)Sales in the US by Make

(units)

	1998	1999	2000	2001	2002	2003	Jan.-Jul. 2003	Jan.-Jul. 2004
GM Ford Freightliner	34,607 60,064 34,168	42,574 73,193 47,782	41,490 68,068 46,265	36,127 55,452 41,117	29,757 46,783 33,866	27,276 46,471 41,831	15,258 26,638 22,770	18,678 36,699 30,739
Navistar Paccar Volvo Mack	64,231 2,180 15 1,545	69,617 3,463 1 1,511	67,211 4,000 1,126	52,647 4,076 602	44,517 5,097 699	47,681 6,544 454	26,827 3,427 369	30,135 4,761 20
Hino Isuzu (domestic) Isuzu (imported)	1,453 1,742 8,216	1,564 3,134 9,367	1,984 3,098 10,075	1,500 3,867 9,726	1,695 2,556 6,690	1,979 1,750 6,937	1,094 1,026 4,087	1,318 702 5,099
Mitsubishi Fuso Nissan Diesel	3,494 3,082	3,800 2,868	3,343 2,279	3,115 1,665	2,959 1,634	3,639 1,863	2,024 880	2,508 1,314
Others			1,426	499
Medium Total	214,797	258,874	250,365	210,393	176,253	186,425	104,400	131,973

Source: Ward's Automotive Reports

■Hino Motor's Medium Duty Truck Sales in the US and Canada

(units)

	1998	1999	2000	2001	2002	2003	Jan.-Jul. 2003	Jan.-Jul. 2004
Class 4 Class 5 Class 6 Class 7	260 417 614 162	270 412 684 198	375 448 879 282	309 326 669 196	319 320 830 226	326 377 1,012 264	191 219 548 136	178 233 739 168
US Total	1,453	1,564	1,984	1,500	1,695	1,979	1,094	1,318
Sales in Canada				854	923	990	586	739

Source: Ward's Automotive Reports

■Hino Motors to produce large diesel engines in China from November 2004 and to start production of middle sized diesel engines within FY 2005

  Hino Motors announced in September 2003 that the China Government approved Hino Motors to establish a joint venture with Shanghai Diesel Co., Ltd. of the Shanghai Electric Group; therefore, the company will launch large 10.5-litter diesel engines on the target of November 2004. The company plans to produce 3,000 in FY 2005 and 15,000 in FY 2008 (sales of 15 billion Yen).

  The joint venture company plans to increase the local buying rate from initial 30% to 70%. The company supplies diesel engines (DE) mostly to heavy-duty track makers in China. It will also supply the DE to Hino Motors, when the company starts local production of completed vehicles. The joint venture company is Hino's first full scale engine production base abroad.

  Expecting that demand for medium size DE will be higher than that for large sized DE, including those for construction equipment etc., Hino Motors will start production of J-type medium size engines within FY 2005. It is expected that Hino will revise sales target from 15,000 in the initial plan for FY 2008 upward by two-fold to 30,000 or more.

  As to truck production in China, Hino Motors has applied to the Chinese Government for a joint venture with a local electric machinery maker, the Chunlan Group, to develop and manufacture China exclusive trucks. The company, however, withdrew the application. Sources say that the company is considering a tie-up with FAW. Following Beijing's new automobile policy to limit joint venture partners against overseas automobile maker groups, Hino Motors will review business in China as a member of the Toyota Group. If FAW and Hino Motors establish a joint venture company, it will allow the Toyota Group to realize a complete line production to jointly produce passenger cars to commercial vehicles in full-line with FAW, including Daihatsu mini cars.

■Hino to produce large DE in China in November 2004

	Outline
New company name	Shanghai Hino Engine Co., Ltd.
Location	Shanghai's Global Industrial Village
Capital	29.98 million USD (about 3.5 billion Yen)
Equity position	Hino: 50%; Shanghai Diesel (Shanghai Diesel Machinery Co., Ltd.): 50%
Hino's responsibility	Supplying KD and spare parts, providing design techniques, manufacturing engineering and manufacturing know-how
DE to be produced	Hino P11C engines (10.5 litters) and Euro 3 compatible 325 to 380PS
Sales target	Begins with 250 per month for the first year. Hino plans to soon introduce medium size engines (J-type).

Source: Hino Motor Press release on Sep. 19, 2004

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