Toyota Motor Corporation and Nissan Motor Co., Ltd. have concluded a basic agreement based on a common philosophy and outlook, on the long-term, continuous transaction of hybrid systems including technical cooperation.Tokyo, Japan – September 10, 2002 [SolarAccess.com] This agreement, aiming for a long-term business relationship of 10 years or longer, calls for Toyota to supply state-of-the-art hybrid system components to Nissan. In addition, aiming for long-term technological cooperation, both companies have also agreed to start exchanging information and discussing joint development of components related to hybrid systems that both Toyota and Nissan are currently developing independently. As an initial project, Nissan will be installing a hybrid system currently under development by Toyota in Nissan vehicles to be sold in the United States in 2006. Volume is expected to reach approximately 100,000 units within a five-year period starting in 2006. The components for the hybrid system, such as the transaxle and inverter, will be developed by Toyota, while Nissan will conduct development of its own engine and application of the hybrid system on its own vehicle, which will have a direct impact on Nissan’s product. Toyota was among the first automakers to introduce hybrid vehicles to its lineup, with the launch of the Prius in 1997. It is now the world’s biggest seller of hybrid vehicles, with cumulative sales of 120,000 units of the Prius, Coaster Hybrid (since 1997), Estima Hybrid (since 2001) and Crown Mild Hybrid (since 2001).