Toyota wants to double operating profit to at least $12.2 billion by 2015

Article by Christian Andrei, on March 9, 2011

Toyota unveiled today its new business plan and announced that it will remove its head of North America from a downsized board and Canada chief Ray Tanguay will become its highest non-Japanese executive. Moreover, Yoshi Inaba will continue to lead Toyota North America and Toyota Motor Sales U.S.A. but he will lose the board seat.

Canada chief Ray Tanguay will move upwards to the newly created position of senior managing officer on April 1. With this new business plan, Toyota wants to double its operating profit by 2015, same year when Volkswagen wants to become world’s largest car manufacturer.

What is more interesting is that North America will become the global center of development for mid-sized vehicles such as the Camry sedan, says Autonews.

"For the Camry and other vehicle series, we plan for North America to become a global center responsible for r&d and production as well as exports," said President Akio Toyota.

Still, Toyota has other goals to be achieved by 2015. According to the manufacturer, the operating profit needs to double by 2015 to at least 1 trillion yen ($12.2 billion), while annual sales of Toyota and Lexus needs to reach 9 million target, from 7.53 million this year.

Moreover, Toyota must deliver sustainable profit margins of 5 percent and expand emerging market business to account for half of global sales, from 40 percent. Last but not least, Toyota has to generate 15 percent of global sales from China, the world's largest auto market.

Press Release

Toyota Unveils Global Vision

Toyota Motor Corporation (TMC) today unveiled its "Toyota Global Vision" corporate outline for the future, which will serve not only to give direction to Toyota employees around the world, but also to convey such direction to customers and to the public at large.

The Global Vision incorporates lessons TMC learned through the market downturn that followed the global financial crisis and through a series of product recalls. It outlines the ideal form the company should take in response to self-asked questions about what kind of organization TMC should be and what kind of values it should honor. TMC-related operations around the world will define their own missions in the context of fulfilling the mission statement and will translate those missions into concrete actions.

Compiling the Toyota Global Vision was a team headed by TMC President Akio Toyoda that included members drawn from the company's operations around the world. Highlighting the mission statement is a commitment to being a company that customers will choose and will feel good about having chosen. Toyota has expressed that commitment with the slogan: "Rewarded with a smile by exceeding your expectations".

In unveiling the Toyota Global Vision, Toyoda observed that TMC has strived through its 74-year history to create socially beneficial automobiles and to earn smiles from customers worldwide. "All 300,000 of us at Toyota worldwide," declared Toyoda, "will take part in laying a foundation for sustainable growth. Working side by side, we will strive to earn smiles by exceeding customers' highest expectations. Together, we will write a new chapter of Toyota history."

The text of the Toyota Global Vision:
"Toyota will lead the way to the future of mobility, enriching lives around the world with the safest and most responsible ways of moving people. Through our commitment to quality, constant innovation and respect for the planet, we aim to exceed expectations and be rewarded with a smile. We will meet challenging goals by engaging the talent and passion of people, who believe there is always a better way."

Topics: toyota, profit

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