Toyota unveils its strategic vision, with Chairman Akio Toyoda asserting his leadership role in driving the company's transformation.
Toyota Announces New Vision and Attitudes for Future Direction
On January 30, 2021, at the Toyota Commemorative Museum of Industry and Technology in Nagoya, Chairman Akio Toyoda unveiled the Toyota Group's new vision and attitudes for its future direction. The press conference was attended by chairmen, presidents, and frontline leaders of Toyota Group companies.
The vision, titled "Inventing our path forward, together," emphasizes a commitment to restoring the cultural and societal significance of automobiles in Japan. Akio Toyoda expressed his desire to make cars the pride of Japanese culture, underlining their essential role in the country's culture and lifestyle.
In addition to this cultural vision, Toyota is actively pursuing strategic developments in electric and fuel cell vehicles. This includes joint ventures to develop electric vehicles, investments in autonomous driving technology, and the merging of commercial vehicle manufacturers to shape the future of commercial transportation.
Chairman Toyoda set forth five attitudes for Toyota employees to embrace. He pledged to lead the transformation and ensure a culture of mutual gratitude. Akio Toyoda admitted that as the automobile industry developed and Toyota Group companies started to experience success, they lost sight of the values and priorities that should have been upheld. He considered Toyota to have collapsed during this period.
The Toyota Group's lineage began with the establishment of Toyoda Shoten in 1895. Sakichi Toyoda, the Group's founder, invented the Toyoda wooden hand loom in 1890 to help his mother with weaving. Kiichiro Toyoda, Akio's grandfather, started getting actively involved in the business in the 1930s and aimed to revolutionize Japanese industry.
Many companies in the parts, steel, rubber, and electronics industries started following Toyota's lead. However, due to global recalls, the Toyota Group lost the trust of its customers. Chairman Toyoda expressed apologies for the inconvenience and concern caused by the successive irregularities at Hino Motors, Daihatsu, and Toyota Industries.
The Toyota Group has been living in an automobile industry that has been woven together by the vertical and horizontal threads spun by its predecessors. The Group's lineage extends vertically with the establishment of Toyoda Boshoku and Toyoda Automatic Loom Works. It also extended horizontally through alliances with companies that have unique aspects and strengths.
The Toyota Group experienced a financial crisis during the 2008 financial crisis, resulting in a loss for the first time in company history. After rebuilding, the Toyota Group can now be called a carmaker again. Akio Toyoda's vision is both cultural, aiming to deepen cars’ cultural value in Japan, and strategic, focusing on innovation and collaboration to lead the transition toward electrification, automation, and future mobility solutions.
- In line with the new vision, Toyota plans to demonstrate leadership in the business sector by focusing on strategic developments, such as investments in electric and fuel cell vehicles as well as autonomous driving technology.
- To achieve this vision, Toyota employees are expected to embrace five attitudes emphasizing transformation, mutual gratitude, and a renewed commitment to upholding the company's values and priorities, as recognized by Chairman Akio Toyoda.
