Toyota Signs on As a Top Olympic Committee Sponsor

Toyota Motor Corp. has agreed to become the first carmaker to join the International Olympic Committee's top sponsorship level for the 2020 Olympics in Tokyo.

The deal, which runs through 2024, reportedly is worth 200 billion yen ($1.6 billion). Toyota spent about 419 billion yen ($3.5 billion) on conventional marketing last year.

Toyota says it will use the program to promote its Mirai fuel-cell vehicle and self-driving cars and position itself as a leader in sustainable mobility. The sponsorship gives the company the ability to supply cars for the Olympics and other games.