Akio Toyoda promised a nimbler Toyota that will be more responsive to regional needs in his first public appearance as head of the Japanese automaker his grandfather founded.
Toyoda, the automaker's first president from the founding family in 14 years, said Thursday the company's entire product lineup will be reviewed to better focus its offerings to each global region.
He also hinted Toyota was stepping back from its recent go-go years of global expansion and return to basics and simply make good cars.
Toyoda, 53, one of youngest presidents in Toyota Motor Corp.'s history, also said he will put customers and the rank-and-file first to steer the world's biggest automaker out of its worst crisis since being founded in 1937.
"This ship is setting sail in a storm," he told reporters at a Tokyo showroom. "We are making our start from rock bottom."
The global auto slump has battered Toyota, which lost 436.94 billion yen ($4.4 billion) in the fiscal year ended March, its worst loss ever. Toyota is expecting more red ink this fiscal year.
But hopes have been high in Japan that the charisma of a Toyoda, long known as "the prince" in the Japanese media, will deliver a morale boost in the rank-and-file as well as among suppliers and dealers to steer the company toward recovery.
Toyoda, who received a master's degree in business administration at Babson College in the U.S. after graduating from Keio University in Tokyo, is the son of Shoichiro Toyoda, a former Toyota president.
He is also the great-grandson of Sakichi Toyoda, a visionary who founded a machinery maker, which later became an automaker under Kiichiro Toyoda, Akio's grandfather. (The company's name was changed slightly from the family name because "Toyota" was considered to have a luckier number of brush strokes.)
Toyoda's news conference was short on specifics. He said the company will focus aggressively on some auto model sectors, while dropping others that it couldn't hope to do well. But he declined to give details, saying the plans will be reviewed region by region.
Executive vice presidents will each oversee a global region — North America, Europe, Japan and emerging markets_ to respond to changing consumer needs, Toyoda said.
He stressed that hybrid technology — seen in the success of the third-generation Prius, which has sold briskly since going on sale last month — was an example of a Toyota strength.
Full story
