| 06/11/2001 | Toyota Will Enter the Bicycle BusinessToyota Motor Corp. (TSE:7203) announced Friday it will set up an in-house bicycle company this month and market a collapsible bike from July.
The new unit, to be set up on June 15, will be capitalized at 15 million yen (US$124,000). It will be responsible for development and sales, while an Aichi Prefecture bicycle maker will handle production.
The bicycle, which will be able to fit into a car when collapsed, is designed to provide a stable ride and be highly shock absorbent in collisions. The bike will be available at bicycle stores nationwide and Toyota's e-commerce site, Gazoo.com., for between 39,800 yen and 59,800 yen.
Toyota targets sales of 250 bikes a month and 500 million yen in annual sales in five years.
Honda Motor Co. (TSE:7267), Germany's BMW AG and France's Peugeot Citroen group also sell bicycles.www.toyota.com
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