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To: Tom Hoff who wrote (3573)	4/19/1999 9:12:00 PM
From: WALT REISCH	Respond to of 8393

GM, Toyota in 5-year deal for alternative fuels By Michael Ellis April 19, 1999 18:45 DETROIT, April 19 (Reuters) - General Motors Corp. and Toyota Motor Corp. announced on Monday a five-year deal to co-develop alternative fuel technologies -- a pact which could eventually lead to jointly manufactured vehicles. GM, the world's largest vehicle maker, and Toyota, the world's third largest, said they will commit hundreds of engineers to more than a dozen projects to speed the development of electric vehicles, hybrid electric vehicles, and fuel cells for electric vehicles. "I hope we can eventually stretch ourselves in the context of this agreement and its follow-on to jointly produce advanced technology vehicles," GM Vice Chairman Harry Pearce said at a news conference in Detroit. "Only time will tell if this is a realistic goal, and if it's the correct one. I personally believe that it is." The agreement calls for the development of a common set of electric traction and control parts for alternative fuel vehicles, which burn cleaner and produce fewer emissions than internal combustion engines powered by gasoline. The pact will also work on batteries and battery test procedures, as well as vehicle safety requirements. Pearce said combining the technological strength of the auto giants would yield the quickest and most affordable solution to putting cleaner vehicles on the road. Toyota executive vice president Akihiro Wada said that hybrid electric vehicles, powered by gasoline and electricity, offer the most promise for an affordable, cleaner alternative to internal combustion engines. "We are optimistic, and have no doubt, if successful, the market scale will grow to rival that of gasoline-powered vehicles early in the 21st century," he said. GM became the first major automaker to introduce an electric vehicle when it launched the EV1 in 1996. GM has spent more than $1 billion on advanced technology since 1991 and has committed itself to a hybrid electric vehicle by 2001 and an electric fuel cell vehicle by 2004. Next year, Toyota will begin selling in the United States and Europe the Prius sedan, the first hybrid gasoline-electric vehicle offered by the major automakers. The Prius will sell for around the average Corolla price of $15,500. GM and Toyota have worked together on projects before, including a June 1998 deal to develop and improve electric vehicle inductive charging system, and a 50-50 joint venture in the New United Motor Manufacturing Inc. (NUMMI) vehicle assembly plant in Fremont, Calif.