I. Introduction to Toyota Corporation
1. History of formation and development of the corporation
Toyota Corporation was established in 1937 in Japan, originally named Toyoda Automatic Loom Works Ltd. The founder of the corporation was Kiichiro Toyoda, son of the founder of the Toyoda Loom Works textile machinery company. Initially, Toyota Corporation specialized in manufacturing weaving machinery.
Later on, in the 1940s, Toyota Corporation decided to expand its business into the automotive industry. The first car produced by the corporation was called the Toyota AA, which was introduced in 1936 and began mass production in 1947.
Through various stages of development, Toyota Corporation has become one of the largest automotive manufacturers in the world, with more than 300,000 employees and operations in over 170 countries worldwide.
2. Products and services of the corporation
Toyota Corporation specializes in producing and supplying automobiles, trucks, engines, and electronic systems. The corporation’s product lines are divided into multiple brands such as Toyota, Lexus, Daihatsu, Hino, and Yamaha.
Moreover, the corporation also provides maintenance, repair, parts, and accessories services for its vehicles. Toyota Corporation has also expanded its business into the field of information technology and invested in startups.
3. Market operations of Toyota Corporation
Toyota Corporation operates globally, with major production centers in Japan, the United States, China, Norway, the UK, and India. The corporation is also present in many other major markets such as Europe, the Middle East, Southeast Asia, and Australia.
In 2020, Toyota Corporation topped the list of the world’s largest automotive manufacturers with sales of up to 9.53 million vehicles, maintaining its leading position in the global automotive industry.
II. Business Strategy of Toyota Corporation
1. Production and business strategy
Toyota Corporation always focuses on improving the production process and using new technologies to ensure effectiveness and advancement in automobile production. The corporation has applied many production and business strategies such as Lean Manufacturing, Six Sigma, Just-in-time to optimize the production process, minimize waste, and increase labor productivity.
Moreover, Toyota Corporation also concentrates on developing new products and updating technology to adapt to the market. The corporation has launched many car models utilizing advanced technologies like hybrid engines, electric power, and alternative fuels.
2. Market and customer approach strategy
Toyota Corporation always concentrates on customers’ needs and provides appropriate solutions to meet those needs. The corporation has built a wide distribution network worldwide to deliver its products to customers.
Furthermore, Toyota Corporation also focuses on researching and developing new markets to expand its business operations. The corporation has invested in new markets such as China, India, and ASEAN countries.
3. Sustainable development strategy
Toyota Corporation always values sustainable development while committing to reducing negative impacts on the environment. The corporation has applied many solutions such as using renewable energy sources, optimizing production processes, and recycling materials to reduce waste and environmental pollution.
Toyota Corporation also commits to sustainable development goals in the future by investing in new technologies and developing environmentally friendly and clean energy products.
III. Brands under Toyota Corporation
Toyota is the largest automobile brand of Toyota Corporation, with various product lines from light-duty to luxury cars. Toyota is also the most popular car brand worldwide, with car models such as Corolla, Camry, RAV4, and Prius.
Lexus is the luxury car brand of Toyota Corporation, with high-end car models such as LS, GS, IS, and RX. Lexus was established in 1989 with the goal of competing with other luxury car brands like Mercedes-Benz and BMW.
Daihatsu is a well-known car brand of Toyota Corporation, specializing in producing mini and super-mini cars. Daihatsu was established in 1907 and has become one of the leading mini car brands in Japan.
Hino is the truck and bus brand of Toyota Corporation, with products such as Dutro, Ranger, and Profia. Hino was established in 1942 and is headquartered in Tokyo, Japan.
Yamaha is the motorcycle brand that specializes in producing motorcycles under Toyota Corporation. This brand was established in 1955 and has become one of the leading motorcycle brands globally.
All of these brands have made significant contributions to Toyota Corporation and helped expand its business operations into various fields.
IV. Notable Achievements of Toyota Corporation
1. Hybrid Synergy Drive technology
Toyota Corporation developed advanced Hybrid Synergy Drive technology, which combines gasoline and electric engines. This technology helps increase fuel consumption efficiency and reduce emissions, while providing better power and operational efficiency for cars.
2. Prius car model
Toyota Prius is the first hybrid car model in the world, launched in 1997. The Prius car has won many awards and become a symbol of advancement and sustainability in the automotive industry.
3. Lean Manufacturing
Toyota Corporation developed Lean Manufacturing production method, combining academic and practical methods to optimize the production process and minimize waste. This method has been widely applied in many different industries.
4. Toyota Production System (TPS) initiative
Toyota Corporation developed the Toyota Production System (TPS) initiative, a flexible and efficient production management system. TPS helps optimize the production process and minimize waste, while creating a safe and efficient working environment for employees.
5. Ranked as the world’s largest automobile companies
Toyota Corporation has been ranked as the world’s largest automobile manufacturer for many consecutive years, with high sales volume and a wide distribution network worldwide. Toyota Corporation continues to maintain its leading position in the global automotive industry.
V. Vision and Mission of Toyota Corporation
Toyota Corporation’s vision is to become a leading diversified corporation in the world, with sustainable development and commitment to customers, employees, communities, and the environment.
Toyota Corporation’s mission is to create high-quality products and services to meet the needs of customers worldwide. The corporation also commits to sustainable development goals and reducing negative impacts on the environment through its production and business operations. In addition, the corporation also commits to supporting the community and social development through charitable activities and contributions to non-profit organizations.
Toyota Corporation is one of the largest automobile manufacturers in the world, with many notable achievements in its history of development. The corporation always focuses on improving the production process and applying new technologies to ensure advancement and efficiency in automobile production. Furthermore, the corporation also commits to sustainable development goals and reducing negative impacts on the environment.
Toyota also has a distribution network worldwide and various well-known brands such as Lexus, Daihatsu, and Hino. The corporation has achieved significant success, such as developing Hybrid Synergy Drive technology, launching the Prius car model, and developing Lean Manufacturing production method.
With the vision of becoming a leading diversified corporation in the world and the mission of creating high-quality products and services, Toyota Corporation continues to develop and contribute to the development of the global automotive industry and society.