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Toyota and Honda to Up European Diesel Investment

September 23, 2004

Toyota Motor Corp. and Honda Motor Co. have announced their intention to focus on the European diesel sector as a means for growth at the Paris Car Show this week, according to a Bloomberg report.Toyota has unveiled details of what it says is the world's cleanest diesel engine, while Honda says it is showcasing a diesel-powered FR-V minivan and a CR-V sport-utility vehicle at the convention.Toyota president Fujio Cho told Bloomberg that diesel vehicles had helped the firm improve its performance in the European sector, expressing confidence at securing the third consecutive operating profit in Europe this fiscal year.Toyota has detailed plans to release a Lexus luxury diesel by 2006, while Honda says it will have four diesel-powered vehicles in 2005.Honda general manager Toshiaki Nakagawa told Bloomberg he is seeking to increase sales of diesel vehicles to 30 percent next year, up from the company's current level of ten percent.Over 40 percent of all vehicles sold in Europe have diesel engines.
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