With all the news about the American auto industry, recession and how car-makers can rebound, it’s hard sometimes to remember that the auto industry has a life outside our borders. Not only do the car companies need to rebound here in America but elsewhere in the world as well. As both the American economy and the world economy climbs slowly upward, the auto industry is being forced to refigure the way they do business.
Toyota is no exception to this rule, and under the leadership of a new president, their business plan seems to be changing. Akio Toyoda took the helm in June and is taking the company in a whole new direction. It is no secret that previous presidents expected Toyota to achieve 15 percent global marketshare.
Toyoda seems to have a different idea when it comes to numbers. He is hoping to return Toyota to the old-fashioned “Toyota Way” of catering to customers. With Toyota fiercely chasing numbers, their products have lost touch with consumer needs. Toyoda's plans are to change that. Instead of focusing on the numbers, they will create products based on what consumers want and developing products around that.
Toyota will be developing at a slower rate over the next few years, but they will develop higher quality products that are more eco-friendly. Drivers today want it all in a new car - high MPG, budget-friendly payments and reliability. Following in the footsteps of the Prius, there will most likely be an increase in production of highly efficient, environmentally friendly vehicles.
In Toyoda's speech at the Management Briefing Seminars in Michigan, he stated that “the United States will serve as an engine for growth for automakers for years to come due to its population growth and the country’s love for cars.” (http://www.freep.com) While the outlook may look bright, there is still a lot of work to do.
Developers have plenty to work with however, when it comes to consumer needs and what those might be. There are newly emerging markets that Toyota hopes to pounce on and this new way of thinking might help them do just that. Focusing on China, South America and the Middle East could not only help them achieve the numbers they hope but develop products that will create a new loyal customer base. If they can achieve this, they could well be on their way to recovery.
Toyota posted their biggest loss in seventy years this past fiscal year and is not expected to pull out of the red before March 2010. With the appointment of Toyoda and his new business plan, the company should undergo a huge morale boost. Toyoda is the grandfather of the founder of Toyota and is expected to bring the company back to the top of the auto industry. While there is a tough uphill climb ahead of Toyota, it could prove to be an exciting time to rework and reintroduce a legendary brand of cars to the world.
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