The agreement runs through to the end of 2024 in the mobility category, which includes vehicles, mobility services and mobility solutions.
The announcement was marked by a ceremony in Tokyo, attended by IOC President Thomas Bach, IOC Marketing Commission Chairman Tsunekazu Takeda (Japanese Olympic Committee President), The Tokyo Organising Committee of Olympic and Paralympic Games President Yoshiro Mori, Toyota President Akio Toyoda and other Toyota and IOC dignitaries.
Toyota's relationship with the Olympic Games and the Olympic Movement is effective immediately, with Toyota granted sponsorship rights in Japan through 2016. Toyota's rights will extend globally beginning 2017.
The product categories covered by the Toyota sponsorship are: vehicles (including passenger cars, urban mobility vehicles and commercial vehicles), mobility services (including vehicle and road safety and transportation support systems and services) and certain transportation and mobility support products.
Commenting on the sponsorship, Toyoda said: "We will do everything possible to fulfill our new role in The Olympic Partner program, and justify the trust the IOC has placed in us.
The addition of a mobility category to the TOP Partner field is an important recognition for our entire industry.
Under this Olympic flag, let us today reaffirm the power of sports to bring people together.
And let us dedicate ourselves to creating a better world by promoting sports in the Olympic spirit of friendship, solidarity, and fair play."
Bach said: "The IOC welcomes Toyota as a key partner for the provision of sustainable mobility solutions for the Olympic Games as outlined in Olympic Agenda 2020, our strategic roadmap for the future of the Olympic Movement.
Toyota is the world leader in its field, and this partnership signifies a strong commitment to the future of the IOC and the Olympic Movement.
This is a milestone agreement in the implementation of Olympic Agenda 2020 because the focus of our cooperation is sustainable mobility, and Toyota will provide sustainable solutions for the entire Olympic Movement."