LONG BEACH, CALIF. (December 7, 2000) - Pioneer Electronics renewed its commitment to the CART FedEx Championship Series today by announcing partnerships with Mo Nunn Racing and Walker Racing for the 2001 season. The sponsorships place Pioneer in a unique position, with newcomer Tora Takagi from Japan racing with Derrick Walker's team and two-time series champion Alex Zanardi of Italy on board with Mo Nunn's team.

"Our goal at Pioneer has always been to provide consumers with great entertainment. We think this line-up for the 2001 season will make for a very entertaining series," said Ed Sachs, executive vice president of Pioneer's Car Electronics Division. "The CART Series is an exciting combination of ovals, permanent road courses and street courses that provide fans with thrilling new adventures each time out. We hope that our partnerships with these two excellent teams will add to the excitement of the season," Sachs continued.

A Japanese company founded in 1938, Pioneer is proud to see native son Tora "Tiger" Takagi enter the CART series driving for Walker Racing. Takagi, the reigning Formula Nippon Series Champion, won an unprecedented eight out of ten races in 2000. He'll be driving the #5 Pioneer Electronics, Toyota-powered car with Firestone tires.

As a truly global company, Pioneer is equally thrilled to see Zanardi return to the CART series as Mo Nunn's second entry in a Honda-powered car. After several years away from CART, Zanardi's return is certain to be well-received by his fans.

Pioneer is in its third year as a sponsor in the CART FedEx Championship Series. The Company plans to continue using racing images in its advertising and on its Web site (www.pioneerelectronics.com). Its current advertising campaign "Everything Else Comes Second" exemplifies the spirit of CART racing.

The Company also will transport its 18-wheeler semi-truck mobile showroom to many races for fans to see and hear Pioneer's newest products for "in-car theater" as well as its sound room with technologically-advanced amplifiers, subwoofers and headunits.

"Our experience tells us that CART racing fans are often early adopters of new audio and video technologies for home and car use, making this an excellent branding opportunity for Pioneer," said Sachs.

Pioneer Corporation is a leader in optical disc technology and a preeminent manufacturer of high-performance audio, video and computer equipment for the home, car and industrial markets. Its Vision 2005 business plan focuses on four core business domains including DVD, display technologies, Digital Network Entertainment* and components. Founded in 1938 in Tokyo, Pioneer Corporation employs more than 29,000 people worldwide. The Company's annual revenue is in excess of $5.8 billion (for the year ended March 31, 2000, calculated at the rate of Y106=U.S.$1.00.) Its shares are traded on the New York Stock Exchange under the ticker symbol PIO. Pioneer's U.S. headquarters is located in Long Beach, Calif., and its U.S. Web address is www.pioneerelectronics.com.