Toyota Motor Corporation (Japanese: トヨタ自動車株式会社, Toyota Jidōsha KK?, IPA: [toꜜjota][4]) TYO: 7203, LSE: TYT, NYSE: TM, commonly known simply as Toyota and abbreviated as TMC, is a multinational automaker headquartered in Toyota, Aichi, Japan. In 2009, Toyota Motor Corporation employed 71,116 people worldwide (total Toyota 320,808).[3] TMC is the world's largest automobile manufacturer by sales[5][6] and production.[7]
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 group companies are Toyota (including the Scion brand), Lexus, Daihatsu and Hino Motors,[8] along with several "non-automotive" companies.[9] TMC is part of the Toyota Group, one of the largest conglomerates in the world.
Toyota Motor Corporation is headquartered in Toyota City, Aichi and in Tokyo.[10] In addition to manufacturing automobiles, Toyota provides financial services through its Toyota Financial Services division and also builds robots.
Company overview
Toyota headquarters in Toyota City, Japan
Vehicles were originally sold under the name "Toyoda" (トヨダ), from the family name of the company's founder, Kiichirō Toyoda. In September 1936, the company ran a public competition to design a new logo. Out of 27,000 entries the winning entry was the three Japanese katakana letters for "Toyoda" in a circle. But Risaburō Toyoda, who had married into the family and was not born with that name, preferred "Toyota" (トヨタ) because it took eight brush strokes (a fortuitous number) to write in Japanese, was visually simpler (leaving off the diacritic at the end) and with a voiceless consonant instead of a voiced one (voiced consonants are considered to have a "murky" or "muddy" sound compared to voiceless consonants, which are "clear"). Since "Toyoda" literally means "fertile rice paddies", changing the name also helped to distance the company from associations with old-fashioned farming. The newly formed word was trademarked and the company was registered in August 1937 as the "Toyota Motor Company".[11][12][13]
In predominantly Chinese-speaking countries or regions using traditional Chinese characters, e.g. Hong Kong and Taiwan, Toyota is known as "豊田".[14] In predominantly Chinese speaking countries using simplified Chinese characters (e.g. China), Toyota is known as "丰田"[15] (pronounced as "Fēngtián" in Mandarin Chinese ). These are the same characters as the founding family's name "Toyoda" in Japanese, which translate to "fertile rice paddies" in the Chinese language as well.
From September 1947, Toyota's small-sized vehicles were sold under the name "Toyopet" (トヨペット).[16] The first vehicle sold under this name was the Toyopet SA[17] but it also included vehicles such as the Toyopet SB light truck, Toyopet Stout light truck,[18] Toyopet Crown and the Toyopet Corona. However, when Toyota eventually entered the American market in 1957 with the Crown, the name was not well received due to connotations of toys and pets.[19] The name was soon dropped for the American market but continued in other markets until the mid 1960s.
With over 30 million sold, the Corolla is one of the most popular and best selling cars in the world.
The Toyota Motor Company received its first Japanese Quality Control Award at the start of the 1980s and began participating in a wide variety of motorsports. Due to the 1973 oil crisis, consumers in the lucrative US market began turning to small cars with better fuel economy. American car manufacturers had considered small economy cars to be an "entry level" product, and their small vehicles employed a low level of quality in order to keep the price low.
By the early sixties, the US had begun placing stiff import tariffs on certain vehicles. The Chicken tax of 1964 placed a 25% tax on imported light trucks.[20] In response to the tariff, Toyota, Nissan Motor Co. and Honda Motor Co. began building plants in the US by the early eighties.[20]
In 1982, the Toyota Motor Company and Toyota Motor Sales merged into one company, the Toyota Motor Corporation. Two years later, Toyota entered into a joint venture with General Motors called NUMMI, the New United Motor Manufacturing, Inc, operating an automobile-manufacturing plant in Fremont, California. The factory was an old General Motors plant that had been closed for two years. Toyota then started to establish new brands at the end of the 1980s, with the launch of their luxury division Lexus in 1989.
In the 1990s, Toyota began to branch out from producing mostly compact cars by adding many larger and more luxurious vehicles to its lineup, including a full-sized pickup, the T100 (and later the Tundra); several lines of SUVs; a sport version of the Camry, known as the Camry Solara; and the Scion brand, a group of several affordable, yet sporty, automobiles targeted specifically to young adults. Toyota also began production of the world's best-selling hybrid car, the Prius, in 1997.
With a major presence in Europe, due to the success of Toyota Team Europe, the corporation decided to set up TMME, Toyota Motor Europe Marketing & Engineering, to help market vehicles in the continent. Two years later, Toyota set up a base in the United Kingdom, TMUK, as the company's cars had become very popular among British drivers. Bases in Indiana, Virginia and Tianjin were also set up. In 1999, the company decided to list itself on the New York and London Stock Exchanges.
Toyota Deutschland's headquarters in Cologne
In 2001, Toyota's Toyo Trust and Banking merged with two other banks to form UFJ Bank, which was accused of corruption by the Japan's government for making bad loans to alleged Yakuza crime syndicates with executives accused of blocking Financial Service Agency inspections.[21] The UFJ was listed among Fortune Magazine's largest money-losing corporations in the world, with Toyota's chairman serving as a director.[22] At the time, the UFJ was one of the largest shareholders of Toyota. As a result of Japan's banking crisis, UFJ merged with the Bank of Tokyo-Mitsubishi to become the Mitsubishi UFJ Financial Group.
In 2002, Toyota managed to enter a Formula One works team and establish joint ventures with French motoring companies Citroën and Peugeot a year after Toyota started producing cars in France.
Toyota ranked eighth on Forbes 2000 list of the world's leading companies for the year 2005.[23] The company was number one in global automobile sales for the first quarter of 2008.[24]
On December 7, 2004, a US press release was issued stating that Toyota would be offering Sirius Satellite Radios. However, as late as January 27, 2007, Sirius Satellite Radio and XM Satellite radio kits were not available for Toyota factory radios.[citation needed] While the press release enumerated nine models, only limited availability existed at the dealer level in the US. As of 2008, all Toyota and Scion models have either standard or available XM radio kits. Major Lexus dealerships have been offering satellite radio kits for Lexus vehicles since 2005, in addition to factory-equipped satellite radio models.
In 2007, Toyota released an update of its full size truck, the Tundra, produced in two American factories, one in Texas and one in Indiana. "Motor Trend" named the Tundra "Truck of the Year," and the 2007 Toyota Camry "Car of the Year" for 2007. It also began the construction of two new factories, one to build the RAV4 in Woodstock, Ontario, Canada and the other to build the Toyota Prius in Blue Springs, Mississippi, USA. This plant was originally intended to build the Toyota Highlander, but Toyota decided to use the plant in Princeton, Indiana, USA, instead. The company has also found recent success with its smaller models—the Corolla and Yaris—as gas prices have risen rapidly in the last few years.
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 group companies are Toyota (including the Scion brand), Lexus, Daihatsu and Hino Motors,[8] along with several "non-automotive" companies.[9] TMC is part of the Toyota Group, one of the largest conglomerates in the world.
Toyota Motor Corporation is headquartered in Toyota City, Aichi and in Tokyo.[10] In addition to manufacturing automobiles, Toyota provides financial services through its Toyota Financial Services division and also builds robots.
Company overview
Toyota headquarters in Toyota City, Japan
Vehicles were originally sold under the name "Toyoda" (トヨダ), from the family name of the company's founder, Kiichirō Toyoda. In September 1936, the company ran a public competition to design a new logo. Out of 27,000 entries the winning entry was the three Japanese katakana letters for "Toyoda" in a circle. But Risaburō Toyoda, who had married into the family and was not born with that name, preferred "Toyota" (トヨタ) because it took eight brush strokes (a fortuitous number) to write in Japanese, was visually simpler (leaving off the diacritic at the end) and with a voiceless consonant instead of a voiced one (voiced consonants are considered to have a "murky" or "muddy" sound compared to voiceless consonants, which are "clear"). Since "Toyoda" literally means "fertile rice paddies", changing the name also helped to distance the company from associations with old-fashioned farming. The newly formed word was trademarked and the company was registered in August 1937 as the "Toyota Motor Company".[11][12][13]
In predominantly Chinese-speaking countries or regions using traditional Chinese characters, e.g. Hong Kong and Taiwan, Toyota is known as "豊田".[14] In predominantly Chinese speaking countries using simplified Chinese characters (e.g. China), Toyota is known as "丰田"[15] (pronounced as "Fēngtián" in Mandarin Chinese ). These are the same characters as the founding family's name "Toyoda" in Japanese, which translate to "fertile rice paddies" in the Chinese language as well.
From September 1947, Toyota's small-sized vehicles were sold under the name "Toyopet" (トヨペット).[16] The first vehicle sold under this name was the Toyopet SA[17] but it also included vehicles such as the Toyopet SB light truck, Toyopet Stout light truck,[18] Toyopet Crown and the Toyopet Corona. However, when Toyota eventually entered the American market in 1957 with the Crown, the name was not well received due to connotations of toys and pets.[19] The name was soon dropped for the American market but continued in other markets until the mid 1960s.
With over 30 million sold, the Corolla is one of the most popular and best selling cars in the world.
The Toyota Motor Company received its first Japanese Quality Control Award at the start of the 1980s and began participating in a wide variety of motorsports. Due to the 1973 oil crisis, consumers in the lucrative US market began turning to small cars with better fuel economy. American car manufacturers had considered small economy cars to be an "entry level" product, and their small vehicles employed a low level of quality in order to keep the price low.
By the early sixties, the US had begun placing stiff import tariffs on certain vehicles. The Chicken tax of 1964 placed a 25% tax on imported light trucks.[20] In response to the tariff, Toyota, Nissan Motor Co. and Honda Motor Co. began building plants in the US by the early eighties.[20]
In 1982, the Toyota Motor Company and Toyota Motor Sales merged into one company, the Toyota Motor Corporation. Two years later, Toyota entered into a joint venture with General Motors called NUMMI, the New United Motor Manufacturing, Inc, operating an automobile-manufacturing plant in Fremont, California. The factory was an old General Motors plant that had been closed for two years. Toyota then started to establish new brands at the end of the 1980s, with the launch of their luxury division Lexus in 1989.
In the 1990s, Toyota began to branch out from producing mostly compact cars by adding many larger and more luxurious vehicles to its lineup, including a full-sized pickup, the T100 (and later the Tundra); several lines of SUVs; a sport version of the Camry, known as the Camry Solara; and the Scion brand, a group of several affordable, yet sporty, automobiles targeted specifically to young adults. Toyota also began production of the world's best-selling hybrid car, the Prius, in 1997.
With a major presence in Europe, due to the success of Toyota Team Europe, the corporation decided to set up TMME, Toyota Motor Europe Marketing & Engineering, to help market vehicles in the continent. Two years later, Toyota set up a base in the United Kingdom, TMUK, as the company's cars had become very popular among British drivers. Bases in Indiana, Virginia and Tianjin were also set up. In 1999, the company decided to list itself on the New York and London Stock Exchanges.
Toyota Deutschland's headquarters in Cologne
In 2001, Toyota's Toyo Trust and Banking merged with two other banks to form UFJ Bank, which was accused of corruption by the Japan's government for making bad loans to alleged Yakuza crime syndicates with executives accused of blocking Financial Service Agency inspections.[21] The UFJ was listed among Fortune Magazine's largest money-losing corporations in the world, with Toyota's chairman serving as a director.[22] At the time, the UFJ was one of the largest shareholders of Toyota. As a result of Japan's banking crisis, UFJ merged with the Bank of Tokyo-Mitsubishi to become the Mitsubishi UFJ Financial Group.
In 2002, Toyota managed to enter a Formula One works team and establish joint ventures with French motoring companies Citroën and Peugeot a year after Toyota started producing cars in France.
Toyota ranked eighth on Forbes 2000 list of the world's leading companies for the year 2005.[23] The company was number one in global automobile sales for the first quarter of 2008.[24]
On December 7, 2004, a US press release was issued stating that Toyota would be offering Sirius Satellite Radios. However, as late as January 27, 2007, Sirius Satellite Radio and XM Satellite radio kits were not available for Toyota factory radios.[citation needed] While the press release enumerated nine models, only limited availability existed at the dealer level in the US. As of 2008, all Toyota and Scion models have either standard or available XM radio kits. Major Lexus dealerships have been offering satellite radio kits for Lexus vehicles since 2005, in addition to factory-equipped satellite radio models.
In 2007, Toyota released an update of its full size truck, the Tundra, produced in two American factories, one in Texas and one in Indiana. "Motor Trend" named the Tundra "Truck of the Year," and the 2007 Toyota Camry "Car of the Year" for 2007. It also began the construction of two new factories, one to build the RAV4 in Woodstock, Ontario, Canada and the other to build the Toyota Prius in Blue Springs, Mississippi, USA. This plant was originally intended to build the Toyota Highlander, but Toyota decided to use the plant in Princeton, Indiana, USA, instead. The company has also found recent success with its smaller models—the Corolla and Yaris—as gas prices have risen rapidly in the last few years.
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