Toyota Motor Corporation

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Categories: Companies traded on the Tokyo Stock Exchange | Companies traded on the New York Stock Exchange | Companies traded on the London Stock Exchange | Toyota

"Toyota" redirects here. For other uses, see Toyota (disambiguation).
Toyota Motor Corp
Image:Toyota logo.png
Type Public (NYSE: TM)
Founded 1933
Location Toyota, Aichi, Japan
Torrance, California, USA
Key people Hiroshi Okuda, Chairman
Katsuaki Watanabe, President
Industry Automobile manufacturing
Products Toyota, Lexus, and Scion brand cars
Revenue Image:Green up.png¥17.472 trillion (YEN) (2004)
Employees 264,410
Website www.toyota.co.jp

Toyota Motor Corporation (in Japanese: トヨタ自動車株式会社; Toyota Jidōsha Kabushikigaisha), also abrreviated as TMC, (TYO: 7203.T), NYSE: TM, LSE: TYT), is a Japanese automobile manufacturer based in Toyota, Aichi, which also provides financial services and participates in other lines of business. It manufactures vehicles under the brand names Toyota, Hino, Scion and Lexus, and owns a majority stake in Daihatsu, and 8.7% of Fuji Heavy Industries. The company's Toyota automobiles are well regarded for their longevity and reliability.

Toyota is Japan's biggest car company and the second largest in the world after General Motors. It produces an estimated eight million vehicles per year, about a million fewer than the number produced by GM. The company dominates its home market, with about 45% of all new cars registered in 2004 being Toyotas. Toyota also has a large market share in both the United States and Europe. It has significant market shares in several fast-growing south-east Asian countries[1].

The company produces a large range of vehicles which are generally highly regarded for their quality, engineering, and value; their designs set global standards for safety, reliability and ease of maintenance.

The Japanese magazine Nihon Keizai reports that it is predicted that Toyota will overtake GM as the world's biggest automaker in 2006, with an annual production of 9,2 Million vehicles.

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Origins

Image:Toyota Model AA.jpg
Replica of the Toyota Model AA, the first production model of Toyota in 1936

The story of Toyota Motor Corporation began in September 1933 when Toyoda Automatic Loom created a new division devoted to the production of automobiles under the direction of the founder's son, Kiichiro Toyoda. Soon thereafter, the division produced its first Type A Engine in 1934, which was used in the first Model A1 passenger car in May 1935 and the G1 truck in August 1935. Production of the Model AA passenger car started in 1936.

Although the Toyota Group is most well known today for its cars, it is still in the textile business and still makes automatic looms (fully computerized, of course), and electric sewing machines which are available worldwide.

Toyota Motor Co. was established as an independent company in 1937. Although the founding family name is Toyoda (豊田), the company name was changed to:

  • Signify the separation of the founders' work life from home life;
  • Simplify the pronunciation, and
  • Give the company an auspicious beginning. Toyota (トヨタ) is considered luckier than Toyoda (豊田) in Japan, where eight is regarded as a lucky number, and eight is the number of strokes it takes to write Toyota in Katakana.

During the Pacific War the company was dedicated to truck production for the Imperial Army. Because of severe shortages in Japan, military trucks were kept as simple as possible. For example, the trucks had only one headlight on the center of the hood.

Fortunately for Toyota, the war ended shortly before a scheduled allied bombing run on the Toyota factories in Aichi.

Commercial passenger car production started in 1947 with the model SA. In 1950 a separate sales company Toyota Motor Sales Co. was established (which lasted until July 1982). In April 1956 the Toyopet dealer chain was established.

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Worldwide presence

Image:Toyota Headquarter Toyota City.jpg
The headquarters of Toyota in Toyota City, Japan

Toyota has factories all over the world, manufacturing or assembling vehicles for local markets, including its most popular model, the Corolla. Toyota has manufacturing or assembly plants in the United States, Australia, Canada, Indonesia, Poland, South Africa, Turkey, the United Kingdom, France, Brazil, and more recently India and Argentina. Toyota New Zealand assembled vehicles until 1998, when it switched to importing cars from Japan and Australia. Cars from these plants are often exported to other countries. For example, the South African-built Toyota Corolla is exported to Australia, while the Australian-built Camry is exported (in left hand drive) to countries in the Middle East. Between 1997 and 2000, the number one selling car in the U.S. was the Toyota Camry. It was dethroned in 2001 by the Honda Accord, only to regain its place in 2002, with the introduction of a redesigned model.

Toyota India is one of the largest subsidiaries of Toyota. They currently produce three cars, including the Camry, Corolla, and the Sequoia (which is different from the Toyota Sequoia in the United States and is similar to the Land Cruiser Prado, which is found in other countries). Toyota also produces a range of SUVs. Indeed, one of its first export markets was exporting its Landcruiser model to Australia in the late 1950s.

Toyota invests a great amount of research into cleaner-burning vehicles such as the Toyota Prius, based on technology such as the Hybrid Synergy Drive. In 2002, Toyota successfully road-tested a new version of the RAV4 which ran on a Hydrogen fuel cell. Scientific American called the company its Business Leader of the Year in 2003 for commercializing an affordable hybrid car. In 2004, Toyota showed that it had made its Kluger/Highlander into the world's first mass-market seven-passenger hybrid SUV.

To gain a higher share in the U.S. domestic luxury car market, Toyota introduced a separate brand called Lexus in 1989, following Honda's (with its Acura division) example. The brand was introduced with two models: the ES 250, based on Toyota Camry, and the LS 400, which was released simultaneously as the Toyota Celsior in Japan. Since then, the lineup has been expanded with other models based on Japanese Toyotas, and the marque has been successful, receiving many industry awards. Now that it has become the number one selling luxury car brand in the U.S., Toyota is introducing it to Japan in 2005, thus completing a cycle of sorts.

In 2003, Toyota brought two of their popular cars from Japan (including the bB) to America, and created a new badge, called Scion, meaning a descendant or heir. These cars are targeted towards the young, and young-at-heart. Both models, the xA (known in Japan as the Toyota ist) and xB (known in Japan as the Toyota bB) are powered by a 1.5L DOHC I4 engine taken right out of the Toyota Echo, a new incarnation of the Toyota Starlet. A third model, the Scion tC, was introduced in 2004. Instead of importing an existing model from Japan as was done with the xA and xB, the tC was designed specifically for the North American market, using a platform shared with the Avensis, a Toyota model not sold in North America, and using the four-cylinder engine and transmissions from the Toyota Camry.

Toyota is also famous in industry for its manufacturing philosophy, called the Toyota Production System. This system is copied worldwide by many manufacturing companies.

Toyota also uses odd power window switches which have become known as "Chinese windows"

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Auto racing

Toyota has also been successful in racing, especially in Rally with the Toyota Celica as well as the Toyota Corolla.

Image:Toyota F1 logo.png

In 2002 Toyota started racing in Formula One with Toyota Team Europe, based in Cologne. Despite a huge investment, the team's performances have been mediocre so far. In 2004, top designer Mike Gascoyne was hired; by 2005 the team had advanced from the midfield to challenging for the top positions. Jarno Trulli achieved two second places and one third place in the first five races of the season, helping the team to retain second position in the Constructors Championship for several races. Jarno Trulli and Ralf Schumacher are the team's current drivers.

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Rugby team

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Shareholders

Publically traded on the Tokyo Stock Exchange under number 7203 (first section). Also on NYSE under TM.

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Holdings

Toyota reports on its consolidated financial statements 540 consolidated subsidiaries and 226 affiliates.

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Non-automotive activities

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Finance

Toyota Financial Services Corporation provides financing to Toyota customers.

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Agricultural biotechnology

Toyota invests in several small start-up businesses and partnerships in biotechnology, including:

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Namesakes

Toyota is also a city in Aichi, Japan, named after the corporation. The basketball and hockey arena in Houston, Texas, the Toyota Center, is also named after the company. A football (soccer) stadium in Prague, Czech Republic, the Toyota Arena, also bears the company's name. Toyota also sponsors the Nagoya Grampus Eight. The team also plays it's home games at Toyota Stadium.

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See also

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External links

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Data

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Legal matters

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References

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