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The Toyota Business Model In A Nutshell

• Toyota is a Japanese automobile manufacturer founded in 1937 by Kiichiro Toyoda. Toyoda started the company with funding from the sale of his father’s automatic loom technology.
• Toyota makes almost 90% of its revenue through the sale of passenger and commercial vehicles. The company also makes money through its Toyota Financial Services arm, funding automotive loans and credit cards while also leasing vehicles. 
• Toyota earns a small percentage of its total revenue through investments in other car manufacturers and industries such as biotechnology, aerospace, and robotics.

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Toyota origin story

Toyota is a Japanese automobile manufacturer founded in 1937 by Kiichiro Toyoda.

The Toyota story begins almost twenty years before the company was incorporated. In 1918, Kiichiro’s father Sakichi invented the world’s first automatic loom. The loom, which reduced manufacturing defects and increased yields, was later sold to British company Platt Brothers for £100,000.

Sakichi then gave the proceeds to his son to develop automotive technology at Toyota, with the first passenger car dubbed the Model AA created in 1936. During the late 1940s, Toyota was able to benefit from Japan’s alliance with the United States. This would give rise to The Toyota Way management philosophy and Toyota Production System lean manufacturing process, with the latter also inspired by Sakichi’s original loom technology.

Toyota was also quick to profit from the emerging Japanese middle class in the 1960s with the release of the Corolla mid-size passenger sedan. The company experienced a period of rapid growth during this time, exporting large numbers of vehicles to foreign markets where they quickly gained a reputation for reliability, affordability, and fuel efficiency. 

In 1986, Toyota partnered with General Motors to develop a new manufacturing facility in California. Luxury subsidiary Lexus was launched in 1989, with the company’s first hybrid vehicle, the Toyota Prius, launched in 1997. 

Today, Toyota produces vehicles under five different brands: Toyota, Daihatsu, Hino, Lexus, and Ranz. The company also has significant stakes in Mazda, Subaru, Suzuki, Isuzu, and Yamaha, among others. 

Though figures vary from year to year, the Camry, RAV4, and Corolla are often among the top five best-selling car models in the world. More broadly speaking, Toyota sold 9.386 million passenger vehicles during 2020 .

Value Proposition:

• Quality and Reliability: Toyota is renowned for the quality and reliability of its vehicles. Customers trust Toyota for producing cars that are built to last, have minimal issues, and hold their value well.
• Innovation: Toyota continually invests in innovation , offering advanced technology, safety features, and eco-friendly options, including hybrid and electric vehicles like the Prius and Mirai.
• Variety and Range: Toyota provides a wide range of vehicles, from compact cars like the Corolla to trucks like the Tacoma and SUVs like the RAV4. This variety allows them to cater to diverse customer needs .
• Global Presence: Toyota’s global presence ensures that customers worldwide have access to its vehicles and services, providing a sense of reliability and accessibility.

Customer Segments:

• General Consumers: Toyota serves a broad consumer base, from individuals seeking affordable and reliable transportation (e.g., Corolla buyers) to families in need of spacious and safe vehicles (e.g., Sienna minivan) and adventure enthusiasts (e.g., 4Runner and Land Cruiser buyers).
• Commercial and Fleet Customers: Toyota offers commercial vehicles, including trucks and vans, targeting businesses and fleet operators.
• Environmentally Conscious: Customers who prioritize eco-friendliness are attracted to Toyota’s hybrid and electric models, like the Prius and Mirai.
• Luxury Segment: Through its Lexus brand , Toyota caters to luxury-oriented consumers who seek premium vehicles with advanced features and comfort.

Distribution Strategy:

• Global Network: Toyota has a vast global distribution network , including dealerships, authorized service centers, and showrooms, ensuring accessibility to customers worldwide.
• Local Manufacturing: Toyota often adopts a strategy of manufacturing vehicles locally in key markets to reduce costs and meet regional demand effectively.
• Online Presence: Toyota maintains an online presence, allowing customers to explore models, schedule test drives, and even purchase vehicles through their website.
• Collaboration: Toyota collaborates with dealerships and franchise partners to ensure a consistent brand experience across different markets.

Marketing Strategy:

• Quality and Reliability Messaging: Toyota’s marketing often emphasizes the quality, reliability, and longevity of its vehicles, reassuring customers of their investment.
• Safety Focus: Safety features and achievements, such as high crash test ratings and advanced driver-assistance systems, are highlighted in marketing campaigns.
• Innovation Promotion: Toyota showcases its commitment to innovation , whether through hybrid technology, fuel efficiency, or advancements in autonomous driving.
• Community and Environmental Initiatives: Toyota promotes its commitment to sustainability and community engagement, fostering a positive brand image.
• Localized Marketing: Toyota adapts its marketing strategies to suit local cultures and preferences, ensuring relevance in various markets.
• Digital Engagement: The company utilizes digital marketing channels, social media platforms, and online advertising to reach a tech-savvy audience.
• Sponsorships: Toyota engages in sponsorships and partnerships, including sports events, to enhance brand visibility and association.

Toyota revenue generation

Toyota generates the bulk of its revenue through the sale of automotive vehicles, with a smaller percentage coming from its financial services division.

Let’s take a look at these streams in more detail.

Vehicle sales

Approximately 88% of Toyota’s revenue comes from automotive sales .

Automotive sales encompass passenger vehicles, minivans, and commercial vehicles such as trucks, buses, and forklifts. Vehicle sales are segmented into distinct business units based on brand and geographic region. Luxury brand Lexus is considered one of the most profitable.

Toyota also manufactures and sells automotive parts, components, and accessories to other car manufacturers. 

Financial services division

Toyota Financial Services is a subsidiary that finances automotive loans, credit cards, and other services such as vehicle leasing.

Revenue from this subsidiary was 7.9% for the 2021 financial year. 

Other services

The remainder of Toyota’s revenue , approximately 4%, comes from other services. 

This includes investments the company has made in the housing, telecommunications, biotechnology, aerospace, and robotics industries. It also includes the aforementioned stakes Toyota has taken in competing automotive companies.

Key Highlights

• Company Origins : Toyota, founded in 1937 by Kiichiro Toyoda, originated from the invention of the world’s first automatic loom by Kiichiro’s father, Sakichi Toyoda.
• Vehicle Sales : The bulk of Toyota’s revenue (approximately 88%) is derived from the sale of passenger and commercial vehicles, including automotive parts.
• Financial Services : Toyota Financial Services, a subsidiary, generates revenue by financing automotive loans, credit cards, and vehicle leasing (approximately 7.9%).
• Other Services : The company also earns a portion of its revenue (approximately 4%) through investments in various industries and stakes in other automotive manufacturers.
• Toyota’s journey began with the creation of its first passenger car, the Model AA, in 1936.
• Toyota benefited from Japan’s alliance with the United States in the late 1940s, leading to the development of The Toyota Way management philosophy and Toyota Production System lean manufacturing process.
• In the 1960s, Toyota capitalized on the emerging Japanese middle class with the release of the Corolla, experiencing rapid growth and international success.
• Partnerships with General Motors, the launch of the luxury brand Lexus, and the introduction of the Toyota Prius hybrid marked key milestones in the company’s history.
• Quality and Reliability : Toyota is known for producing durable, reliable vehicles that hold their value well.
• Innovation : The company invests in technology, safety features, and eco-friendly options, including hybrids and electric vehicles.
• Variety and Range : Toyota offers a diverse range of vehicles to cater to a wide array of customer needs .
• Global Presence : Toyota’s global network ensures accessibility and reliability for customers worldwide.
• General Consumers : Toyota serves individuals, families, and adventure enthusiasts with a variety of models.
• Commercial and Fleet Customers : The company offers commercial vehicles targeting businesses and fleets.
• Environmentally Conscious : Toyota’s hybrid and electric models appeal to eco-friendly consumers.
• Luxury Segment : Through Lexus, Toyota caters to luxury-oriented consumers.
• Global Network : Toyota has an extensive global distribution network , including dealerships and service centers.
• Local Manufacturing : The company often manufactures vehicles locally to meet regional demand effectively.
• Online Presence : Toyota maintains an online presence for vehicle exploration, test drives, and online purchasing.
• Collaboration : Toyota collaborates with dealerships and franchise partners for consistent brand experiences.
• Quality and Reliability Messaging : Marketing emphasizes the quality and reliability of Toyota vehicles.
• Safety Focus : Safety features and achievements are highlighted, including high crash test ratings and advanced driver-assistance systems.
• Innovation Promotion : Commitment to innovation , fuel efficiency, and hybrid technology is showcased.
• Community and Environmental Initiatives : Toyota promotes sustainability and community engagement.
• Localized Marketing : Strategies are adapted to suit local cultures and preferences.
• Digital Engagement : Utilizes digital marketing channels and online advertising.
• Sponsorships : Engages in sponsorships and partnerships to enhance brand visibility.
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On February 25, 2021, we announced our New Medium-Term Business Plan “Mid-term ’21 Plan” (FY2021-FY2025).

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Goals Under Mid-Term ’21 Plan

Mid-term ‘21 plan key performance indicators, growth strategy, effect of the capital & business alliance with mitsubishi corporation, creating management foundation, investment plan and shareholder return.

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• Feb. 15, 2019 Opening New Doors and Manifesting Our Presence in the Mobility Society（Script）
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• Aug. 09, 2019 Growth Strategy for Next Corporate Stage（Outline）（Script text）

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Goals & Targets

The Toyota Environmental Challenge 2050 outlines Toyota’s global long-term aspirations for environmental sustainability. Mid-term milestones as well as short-term (five-year) targets have been established to support these aspirations.

Toyota Environmental Challenge 2050

The Toyota Environmental Challenge 2050 (Challenge 2050) is a set of six visionary, global challenges that seek to go beyond eliminating negative environmental impacts to creating positive value for the planet and society. Toyota Motor Corporation (TMC, TMNA’s parent company headquartered in Japan) announced these six challenges in 2015 after extensive research and internal and external consultation.

Toyota’s global goal of becoming carbon neutral across the vehicle life cycle by 2050 is illustrated on the left side of the graphic, under “Achieve Carbon Neutrality.” This is a big part of our efforts, but it is not our only focus. We are also working to find new ways to make a positive impact on our planet and society – this is illustrated on the right side of the graphic under "Achieve a Positive Environmental Impact." We seek to minimize environmental impact where possible through our focus on water conservation, increasing circularity and protecting biodiversity, all to help build a more sustainable future. 1

Through Challenge 2050, team members across the company, in every region of the world, are working to put Toyota’s global vision of Respect for the Planet into action. Challenge 2050 unites us all with a common purpose – working to be more than just good stewards of the environment and to create positive changes beyond our facility boundaries.

Within North America, we continue to refine a regional environmental sustainability strategy to align Toyota’s global values and Challenge 2050 with our regional focus areas – Carbon, Water, Materials and Biodiversity. In each focus area, we are working towards minimizing environmental impacts and, through outreach activities, to find new ways to make a positive impact on society and the planet.

[1] The long-term aspirations, mid-term milestones, and short-term targets and statements set forth on these webpages are forward-looking and relate to the manner in which Toyota intends to conduct certain of its activities based on management’s current plans and expectations. They are not promises or guarantees of future conduct or policy, and are subject to a variety of uncertainties and other factors which may make them unattainable, many of which are beyond our control, including government regulation, supplier and third-party actions, and market forces.

Mid-Term Milestones

TMC has established several global mid-term milestones, including those below, to help the company achieve the Toyota Environmental Challenge 2050.

[2] TMC’s science-based targets were validated and approved by SBTi in September 2022. These targets modify slightly the targets referenced in prior reports. This target applies to passenger light duty vehicles and light commercial vehicles. Emissions are measured in grams CO 2 e/km, well to wheel (includes GHG emissions from the production of fuel and electricity as well as GHG emissions during vehicle operation).

[3] TMC’s science-based targets were validated and approved by SBTi in September 2022. These targets modify slightly the targets referenced in prior reports. This target includes absolute Scope 1 and Scope 2 GHG emissions from all facilities (both manufacturing and non-manufacturing).

[4] This target was updated to align with the science-based targets validated and approved by SBTi in September 2022. The percent and baseline have been adjusted for consistency with the approved targets.

Environmental Action Plan Targets

North American environmental sustainability planning, strategies and actions are driven by Environmental Action Plans, which are five-year roadmaps that help achieve incremental progress towards the global milestones and the Toyota Environmental Challenge 2050.

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Toyota Ventures Raises Another $300 Million to Expand Early-Stage Investments in Frontier Technology and Climate Solutions

Firm’s committed capital grows to over $800 million, underscoring Toyota’s commitment to investing in groundbreaking startups around the globe

L OS A LTOS , Calif. ( April 10, 2024 ) – Toyota Ventures , the early-stage venture capital arm of Toyota, announced two $150 million funds to expand its investments in startups developing disruptive technologies and business models at the forefront of innovation. The addition of the new funds, Toyota Ventures Frontier Fund II (TVFF II) and Toyota Ventures Climate Fund II (TVCF II), brings the firm’s total assets under management to over $800 million.    

Since its founding in July 2017, Toyota Ventures has furthered its mission of helping Toyota discover what’s next by investing in more than 75 startups across areas ranging from artificial intelligence and robotics to hydrogen solutions and renewable energy. Toyota Ventures is based in the San Francisco Bay Area and has portfolio companies in North America, Europe, the Middle East, and Asia-Pacific. With these new funds, the firm can support more entrepreneurs around the world as they tackle tough challenges to build a better future for society and the planet.    

“At Toyota Ventures, we are explorers. Our role is to understand technology trends that could advance Toyota’s mobility transformation in the near term and embrace the next generation of disruptive innovation in the long term, ” said Jim Adler , founder and general partner of Toyota Ventures. “At a time when some investors have scaled back, we’re scaling up by doubling down on our initial Frontier and Climate Funds. With seismic breakthroughs in generative AI, e-fuels, space commercialization, carbon capture, and synthetic biology, it’s a crucial time to be investing for Toyota.”    

TVFF II will focus on startups at the cutting edge of deep technology in areas like AI, robotics, mobility, cloud, and quantum computing, with an eye towards expanding Toyota Ventures’ international presence. The new fund will be led by Frontier Fund partner David Sokolic, a veteran investor and operating executive. Portfolio companies in the initial Frontier Fund include satellite servicing provider Starfish Space , biosensor maker Scentian Bio , and quantum computing software startup Haiqu , among others.    

TVCF II will seek out startups developing smart, scalable solutions that combat climate change and promote environmental sustainability. It will build on the firm’s inaugural climate-focused fund, which launched in 2021 and grew to a portfolio of 18 companies under the leadership of Climate Fund partner Lisa Coca. The first Climate Fund portfolio includes companies in renewable energy like Avalanche Energy ; energy storage and batteries like e-Zinc and AM Batteries ; carbon capture, removal and utilization like Air Company and Living Carbon ; hydrogen solutions like Ecolectro ; and other areas aligned with Toyota’s carbon neutrality goals.   

“Innovation is a team sport, and today, more than ever, it’s important for leaders like Toyota to collaborate with up-and-coming startups to take on the critical challenges we all face in a rapidly evolving world,” said Gill Pratt, chief scientist of Toyota Motor Corporation, CEO of TRI, and   board member at Toyota Ventures. “These new funds underscore our dedication to supporting entrepreneurs who are pushing the boundaries of what’s possible, and I’m thrilled to continue this journey alongside the Toyota Ventures team and portfolio.”    

Going beyond capital, Toyota Ventures aims to leverage Toyota’s global network, deep technical expertise, and strategic partnerships to assist startups in its portfolio. It has a portfolio support team dedicated to providing guidance in product and business development, fundraising, marketing, and other areas to help companies scale effectively. Some of the firm’s early portfolio companies that continue to partner with Toyota include aerial ridesharing pioneer Joby Aviation and autonomous vehicle leader May Mobility .    

Entrepreneurs seeking early-stage funding are invited to learn more and submit an online pitch at the Toyota Ventures website .    

Supporting quotes and testimonials    

“The team at Toyota Ventures has been instrumental in our growth, having gone above and beyond by not simply offering capital support but also their mentorship in navigating various challenges and paving pathways into Toyota as an early customer,” said Dor Skuler, co-founder and CEO of Intuition Robotics .   

“Toyota Ventures has been a committed strategic partner to Revel since 2018, working with us hand-in-hand as we expanded our business into all-electric rideshare and public fast charging infrastructure in dense cities like New York,” said Frank Reig, co-founder and CEO of Revel . “Beyond financial investments, Toyota Ventures has been essential in creating new relationships to support and develop our mission — the best kind of partner a founder can ask for.”  

“The Toyota Ventures team had a deep level of understanding and appreciation of the technical aspects around the large problems we are solving in the green hydrogen space,” said Gabriel G. Rodríguez-Calero, co-founder and CEO of Ecolectro . “On top of this, the level of guidance we received was well beyond the technical aspects of our business, and it has created enormous value for Ecolectro. Toyota Ventures’ unique approach and engagement shows the holistic support they provide around our whole business beyond just capital.”    

“AM Batteries has experienced significant growth over the past year, thanks in no small part to the invaluable support from Toyota Ventures, “ said Lie Shi, CEO of AM Batteries . “In the time we’ve been working together with Lisa Coca and her team, it has become clear that Toyota Ventures possesses a deep understanding of how corporate venture capital can effectively cultivate successful alliances with startups. Their insight, financial backing, and partnership have been pivotal as we chart the course for AM Batteries’ future endeavors.”

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About Toyota Ventures Toyota Ventures is the early-stage venture capital arm of Toyota. Founded in July 2017, its mission is to discover what’s next for Toyota by helping startups bring disruptive technologies and business models to market quickly. With more than $800 million in assets under management, the firm is dedicated to investing in talented entrepreneurs around the world who are driving innovation in frontier technologies and climate solutions. For more information about Toyota Ventures and its portfolio companies, please visit www.toyota.ventures .

Maggie Mouat [email protected]

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Developer sues Swanzey zoning, planning boards

Avanru development group argues years of legal tug of war caused unnecessary, costly project delays.

The Walpole-based Avanru Development Group is suing Swanzey’s zoning and planning boards, alleging it was mistreated during the approval process for two housing projects. The developer further argues that years of legal back-and-forth concerning one of the projects caused unnecessary and costly delays.

A complaint the company’s attorneys filed in U.S. District Court in Concord on April 16 claims the Swanzey Zoning Board of Adjustment and Planning Board unlawfully judged a 74-unit senior housing project based on public perception and the personal opinions of its members rather than whether it fit the town’s zoning regulations.

When reached by a reporter via phone Monday, Avanru CEO Jack Franks declined to comment on specifics about the case.

“This is a very serious matter and we’re going to pursue all remedies available to us,” Franks said, when asked about the damages his company is seeking from the town. “We have yet to determine a final number, but the legal team and accountants are working on that now. It is substantial.”

In addition to the town’s planning and zoning boards, the lawsuit names several current and former members of both bodies. The Keene Sentinel tried several Swanzey officials, who were not immediately reachable Monday or declined to comment.

As of that afternoon, the town had not filed a response to the complaint.

Avanru submitted its senior housing proposal at 115 Old Homestead Highway (Route 32) to the ZBA on Feb. 28, 2020, seeking a special exception to allow the multifamily development in the town’s business district. The board denied Avanru’s application that May. At the time, members held that the location was not appropriate, and that it would conflict with the neighborhood’s rural quality.

A superior court judge ruled against the board’s decision in December 2020, finding it lacked sufficient evidence that the project would reduce property values or harm neighbors.

Swanzey unsuccessfully appealed to the NH Supreme Court, and the ZBA granted the special exception in late 2022. The project hit another wall in January 2023 when the planning board denied Franks the necessary approval to proceed, but reversed this decision the following month.

Avanru claims in the complaint that it was roadblocked by unnecessary obstacles, resulting in three years of delay and millions of dollars in additional expenses.

In the 52-page document, Avanru said the ZBA wrongfully denied its application for a special exception, ignoring advice from legal counsel against rejecting the application because of public opposition.

According to minutes for the ZBA’s May 4, 2020, meeting, Attorney Michael Courtney, representing the town, told the board that the number of people opposed to the project was not pertinent to the criteria for considering a special exception.

At the time, several people had spoken against Avanru’s plans, many of them arguing that the new housing units would alter the neighborhood’s rural character and increase traffic.

When the planning board denied the development group’s application in January 2023 after the ZBA’s bout in court, Planning Board Chairman Scott Self observed that his peers offered no factual, legal basis in their denial, according to previous Sentinel reporting.

On Jan. 18 of that year, Avanru’s counsel sent a letter to Swanzey’s legal counsel signaling it would start litigation against the town, according to the complaint. The planning board then approved the project about a month later.

Self, who chairs the planning board but was not named as a defendant in the lawsuit, was not reachable Monday. 

Keith Thibault, ZBA chairman, declined to comment. Thibault, who was a member of the board during its litigation with Avanru, was also not named as a defendant.

On a separate project, to build 84 housing units across two buildings on Perry Lane, Avanru claims that the planning board required the buildings to have pitched roofs instead of its proposed flat-roof design, despite other surrounding structures having flat roofs. According to the complaint, this change, which Avanru argued against, cost the company $550,000. This project has since been completed.

Selectboard Chairman Sylvester “Sly” Karasinski, who acted as a representative of the selectboard on the planning board, declined to comment on Avanru’s recent court complaint.

Town Administrator Michael Branley was not immediately reachable Monday by The Sentinel.

This article is being shared by partners in The Granite State News Collaborative. For more information, visit collaborativenh.org.  

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Coordinates of elektrostal in degrees and decimal minutes, utm coordinates of elektrostal, geographic coordinate systems.

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Geographic coordinates (latitude and longitude) define a position on the Earth’s surface. Coordinates are angular units. The canonical form of latitude and longitude representation uses degrees (°), minutes (′), and seconds (″). GPS systems widely use coordinates in degrees and decimal minutes, or in decimal degrees.

Latitude varies from −90° to 90°. The latitude of the Equator is 0°; the latitude of the South Pole is −90°; the latitude of the North Pole is 90°. Positive latitude values correspond to the geographic locations north of the Equator (abbrev. N). Negative latitude values correspond to the geographic locations south of the Equator (abbrev. S).

Longitude is counted from the prime meridian ( IERS Reference Meridian for WGS 84) and varies from −180° to 180°. Positive longitude values correspond to the geographic locations east of the prime meridian (abbrev. E). Negative longitude values correspond to the geographic locations west of the prime meridian (abbrev. W).

UTM or Universal Transverse Mercator coordinate system divides the Earth’s surface into 60 longitudinal zones. The coordinates of a location within each zone are defined as a planar coordinate pair related to the intersection of the equator and the zone’s central meridian, and measured in meters.

Elevation above sea level is a measure of a geographic location’s height. We are using the global digital elevation model GTOPO30 .

Elektrostal , Moscow Oblast, Russia

Jun. 28, 1995

Toyota Announces New Global Business Plan

Tokyo―TOYOTA MOTOR CORPORATION (TMC) announced today a new global business plan that will provide mid- and long-term direction to its future business activities.

The plan was created in response to increased globalization of economies and to the new economic environment resulting from recent rapid valuation of the yen. It focuses upon "Further Localization" and "Increase of Imports", and will accelerate TMC's international business activities toward 1998. Toyota will work towards achieving the "Mid-Term Global Business Plan" announced in March 1994 as well as the plan announced today. The specifics of the plan are as follows:

Further Localization

• Local production of vehicles The proportion of overseas-produced vehicles in worldwide sales (excluding sales in Japan) will increase as production in foreign countries/regions is expanded further. Specifically, the percentage is projected to increase from the 1994 level of 48% to around 60% in 1996, and around 65% in 1998. The shift from vehicle exportation to local production will accelerate and be most evident in North America. In Europe, Asia, and Oceania, the ratio of locally-produced cars will be increased as well, taking in consideration the changes in economic circumstances such as the exchange rate.
• Procurement of parts, materials, and equipment Local procurement activities of parts, materials, and equipment will be further strengthened in each region through the seeking of capable suppliers and various support activities for current suppliers. Toyota will also engage aggressively in technology transfer, increased investment, and establishing regional parts complementary programs in areas where localization has previously been difficult. To further strengthen the relationships with overseas suppliers, a "Toyota Global Optimized Purchase System" will also be introduced at various locations worldwide. (See 2. Increase of imports for further details)
• Increase annual production capacity at Toyota Motor Manufacturing, U.S.A., Inc. (TMM) to 500,000 units in 1998. (1994 production was 285,000 units.)
• Increase annual production capacity at Toyota Motor Manufacturing Canada, Inc. (TMMC) to 200,000 units in 1998. (1994 production was 86,000 units.)
• Addition of models produced The models produced in North America will also be increased. Presently, there are four models: the Corolla, the Camry, the Avalon, and the Tacoma. The addition by 1998 of three to four vehicles, including a new minivan, will be considered.
• At present, the 2.2- and 3.0-liter engines are produced in North America. The machining operation on the engine blocks, heads, connecting rods, and crankshafts of 3.0-liter engine production will be localized, similar to the 2.2-liter engines.
• In addition to the engine plant currently under construction in Canada, U.S. production of Corolla engines will be considered. (Localization of assembly to machining operations, combined production targets are to be around 350,000 units/year)
• In addition to large-size stamped parts, approximately 300 mid- and small-sized stamped parts will be made in North America by 1998. Mid- and small-sized stamping requires particular precision and thus has been difficult to localize.
• Increase of exports Vehicle exports from North America will also be further increased. Toyota will especially work towards increasing vehicle exports from the U.S. (1994 figure: 63,000 units)
• Increase in local production capacity Annual production capacity at Toyota Motor Manufacturing (UK) Ltd. (TMUK) is targeted to increase to 200,000 units in 1998. (1994 production: 85,000 units)
• Addition of models produced In addition to the Carina E currently produced, TMUK is to start producing a car in the Corolla series from 1998.
• Engine production capacity will be increased to 170,000 units in 1998. (1994 production: 76,000 units)
• Also, molds, jigs, mid- and small-sized stamped parts, engine parts, and materials will be procured locally.
• Increase of exports Exports of TMUK-produced cars, which are presently only exported to other European countries, to regions outside of Europe will start. Exports of engines and engine parts to Japan and other regions will also be increased. Last year, TMUK exported 2,500 engines to Turkey, and over 35,000 units worth of engine block and crankshaft units to Japan.
• Construction of a commercial vehicle plant in Taiwan (Scheduled production capacity to be 110,000 units/year combined with the existing passenger vehicle production. 1994 production was 65,000 units.)
• Philippines plant to be expanded (Increase in capacity to around 60,000 units/year in 1998. 1994 production was 30,000 units.)
• Thailand plant to be expanded (Increase in capacity to around 200,000 units/year in 1998. 1994 production was 110,000 units.)
• Expansion of the Indonesia plant (Increase in capacity to around 150,000 units/year in 1998. 1994 production was 80,000 units.)
• Continued investigation of possibilities of passenger car production in China. Furthermore, the Toyota Technical Center, China, opened this spring, will support localization of auto parts, motor vehicle production, and product development.
• Addition of models produced Toyota will begin development and local production of a passenger car specifically for Thailand, Indonesia, and the Philippines.
• Start of power steering production (target production capacity in 1996: 130,000 units/year) and production of lower ball joints (target production capacity in 1997: 100,000 units/year) in Malaysia
• Increase engine production capacity in 1996 to 100,000 units/year in Indonesia (1994 production: 70,000 units)
• Start production of constant velocity universal joints in the Philippines (target production capacity in 1997:110,000 units)
• Increase engine block production capacity in Thailand to 350,000 units in 1998 (1994 production: 53,000 units)
• Increase of exports Toyota will seek to expand exports of auto parts in the ASEAN complementary auto parts scheme to countries in other regions. Exports from Australia will expand from current destinations in Asia and Oceania to include Middle Eastern countries from 1996.

Increase of imports

• Toyota will strengthen its sales structure in order to sell 28,000 VW/AUDI cars in 1996 (1994 sales: 19,000 cars).
• Toyota will utilize the 1,084 "Toyota" dealerships nationwide and work towards selling 20,000 Toyota Cavaliers in 1996.
• Increase imports of Toyotas produced in the U.S. In addition to increasing sales of the Scepter line already introduced in Japan, the Avalon was introduced this May. Target sales in 1996 for these cars are set at 25,000 units.
• Overseas Supplier Guidebook An "Overseas Supplier Guidebook" will be published, outlining Toyota's purchasing policy, its procurement system, evaluation criteria, and ways to access the company.
• Search program for new suppliers and technology Toyota will further promote the following; organizing exhibitions for new products of overseas suppliers at local Toyota entities, searching for competitive parts which are currently being used in other makers' vehicles, organizing design competitions for parts among qualified suppliers, and making the full use of business meetings.
• Support programs for current suppliers A program in which the supplier and Toyota discuss and agree on mid- to long-term improvement targets, and work continuously toward achieving them, thereby enhancing competitiveness and expanding business opportunities.
• Global Cost-Comparison System As a backup system to 1) and 2), Toyota will keep a database which will enable all Toyota entities around the world to make a comparative analysis of the cost competitiveness of parts around the world.
• Study the establishment of a new company for procuring and marketing foreign and domestic general replacement parts and accessories during 1996.
• Strengthen support for the parts wholesalers to increase sales of imported parts.
• Send out a letter to the dealers, stating once again that the handling of foreign makers' vehicles are not subject to prior consultation with Toyota, and that they are free to handle them.
• Send out a letter to the parts wholesalers, stating that they are free to handle foreign makers' parts and accessories.
• In response to the concerns among foreign makers that they will face problems in gaining access to Toyota dealers, Toyota will consider establishing an internal "grievance body" to handle questions and concerns on handling foreign makers' cars.

The numerical figures raised in this business plan may change depending on economic circumstances such as the exchange rate and market conditions. Toyota will do its utmost to accomplish the plan.