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Japan. In March 2014 the multinational corporation consisted of 338,875 employees worldwide and,
as of November 2014, is the twelfth-largest company in the world by revenue. Toyota was the
largest automobile manufacturer in 2012 (by production) ahead of the Volkswagen
Group and General Motors. In July of that year, the company reported the production of its 200millionth vehicle. Toyota is the world's first automobile manufacturer to produce more than 10 million
vehicles per year. It did so in 2012 according to OICA, and in 2013 according to company data. As
of July 2014, Toyota was the largest listed company in Japan by market capitalization (worth more
than twice as much as #2-ranked SoftBank) and by revenue.
The company was founded by Kiichiro Toyoda in 1937 as a spinoff from his father's company Toyota
Industries to create automobiles. Three years earlier, in 1934, while still a department of Toyota
Industries, it created its first product, the Type A engine, and, in 1936, its first passenger car,
the Toyota AA. Toyota Motor Corporation produces vehicles under 5 brands, including the Toyota
brand, Hino, Lexus, Ranz, and Scion. It also holds a 51.2% stake in Daihatsu, a 16.66% stake
in Fuji Heavy Industries, a 5.9% stake in Isuzu, and a 0.27% stake in Tesla, as well as joint-ventures
with two in China (GAC Toyota and Sichuan FAW Toyota Motor), one in India (Toyota Kirloskar), one
in the Czech Republic (TPCA), along with several "nonautomotive" companies. [11] TMC is part of
the Toyota Group, one of the largest conglomerates in the world.
Toyota's management philosophy has evolved from the company's origins and has been reflected in
the terms "Lean Manufacturing" and Just In Time Production, which it was instrumental in
developing. Toyota's managerial values and business methods are known collectively as the Toyota
Way.
In April 2001, Toyota adopted the "Toyota Way 2001", an expression of values and conduct
guidelines that all Toyota employees should embrace. Under the two headings of Respect for
People and Continuous Improvement, Toyota summarizes its values and conduct guidelines with
these five principles:
Challenge
Kaizen (improvement)
Respect
Teamwork
According to external observers, the Toyota Way has four components: [59]
1.
2.
3.
4.
1.
2.
3.
4.
5.
Build a culture of stopping to fix problems, to get quality right the first time
6.
Standardized tasks are the foundation for continuous improvement and employee
empowerment
7.
8.
Use only reliable, thoroughly tested technology that serves your people and processes
9.
Grow leaders who thoroughly understand the work, live the philosophy, and teach it to
others
10.
Develop exceptional people and teams who follow your companys philosophy
11.
12.
Respect your extended network of partners and suppliers by challenging them and
helping them improve
Go and see for yourself to thoroughly understand the situation (genchi genbutsu)
13.
14.
In the first three months of 2007, Toyota together with its half-owned subsidiary Daihatsu reported
number one sales of 2.348 million units. Toyota's brand sales had risen 9.2% largely on demand for
Corolla and Camry sedans. The difference in performance was largely attributed to surging demand
for fuel-efficient vehicles. In November 2006, Toyota Motor Manufacturing Texas added a facility
in San Antonio. Toyota has experienced quality problems and was reprimanded by the government
in Japan for its recall practices. In 2007, Toyota maintained over 16% of the US market share and
was listed second only to GM in terms of volume. Toyota Century Royal is the official state car of
the Japanese imperial family, namely for the current Emperor of Japan.
Toyota was hit by the global financial crisis of 2008 as it was forced in December 2008 to forecast
its first annual loss in 70 years. In January 2009, it announced the closure of all of its Japanese
plants for 11 days to reduce output and stocks of unsold vehicles. [71]
Akio Toyoda became the new president and CEO of the company on June 23, 2009, by replacing
Katsuaki Watanabe, who became the new vice chairman by replacing Katsuhiro Nakagawa.