For immediate release:

January 11, 2005

Tokyo, January 11, 2005 --- Isuzu Motors Limited (TSE code:7202) announced today to establish a joint venture company, Isuzu Malaysia Sendirian Berhad, in Malaysia. The new company will import, assemble and sell Isuzu LCV vehicles in Malaysia.

Isuzu Malaysia Sendirian Berhad (Isuzu Malaysia) will be capitalized at 25 million Malaysian Ringgit (approx. 700 million yen). Isuzu Operations (Thailand) Company Limited (IOT), Isuzu Motors Asia Limited (IMA) and DRB-HICOM Berhad (DRB-HICOM) will take 32.6%, 18.4% and 49% position respectively in the newly formed venture.

Isuzu Malaysia will primarily engage in LCV vehicle import, assembly and sales in the country, while leveraging existing assembly capabilities of Malaysian Truck & Bus Sendirian Berhad, a subsidiary company of DRB-HICOM who Isuzu Malaysia will entrust assembly operations.

The Isuzu D-Max, one-ton pickup truck produced and sold in Thailand, will be launched by Isuzu Malaysia in 2005. The new company hopes to sell 2,000 units of D-Max in the initial year.

After being hit by the 1997 economic crisis, Malaysian automotive market has made a solid come back. In 2004, total industry volume reached around 450,000 units. Market expansion is particularly strong in the LCV (light commercial vehicle) segment, which includes pickup trucks. Current momentum in the market bodes well for a positive structural change going forward.

With the establishment of the LCV sales joint venture, Isuzu is poised for further expansion of its LCV sales in Malaysia.

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* LCV : Light Commercial Vehicles

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