Toyota Announces First Half of FY2021 Financial Results - Reason Behind Akio's Presence
Toyota's Robust Recovery Amidst the COVID-19 Crisis
In a significant move, Akio Toyoda, President of Toyota, attended the company's financial results briefing for the first half of fiscal year 2021, breaking from tradition. This decision was driven by the ongoing COVID-19 pandemic, with Toyoda emphasising the importance of contributing through work during an emergency.
The briefing, held on November 6, 2020, revealed some encouraging figures. Toyota's sales recovery during the pandemic outpaced the market by more than three percent, a marked improvement compared to their recovery during the global financial crisis which lagged behind the market by four percent.
This fast recovery is having a positive impact on Japan's economy. The automobile industry in Japan, which employs 5.5 million people, generates approximately 15 trillion yen in annual taxes. The economic ripple effect of the automotive industry in Japan is 2.5 times greater than the output of the industry alone.
Toyota's commitment to overcoming the challenges posed by the pandemic is rooted in their philosophy. "Creating Mobility for All" is Toyota's vision, a goal that aligns with the Sustainable Development Goals and aims to "make a better world". Toyota's pursuit of happiness will never change, regardless of what they produce.
Akio Toyoda highlighted the company's financial strength and profit structure as contributing factors to the upward revisions to their forecast. However, he emphasised that the No. 1 factor has been the growth of the people working for Toyota. He expressed gratitude to suppliers, dealership staff, employees, and others who have proactively made efforts to find better ways to work and revitalise the company during the pandemic.
On plant non-operation days, Toyota members engaged in kaizen (continuous improvement) and greatly improved productivity. Online sales and initiatives allowed Toyota to continue building relationships with customers. In a commendable act, Toyota also voluntarily produced face masks and medical face shields at their manufacturing plants.
The numbers announced by Toyota are the result of the hard work of many people. Toyota's mission, as defined in their Toyota Philosophy, is "Producing Happiness for All", a mission that dates back to when Kiichiro Toyoda founded the company. Toyota's commitment to "Drive society forward with automobiles" is not a new one, but a legacy that continues to guide the company today.
In conclusion, Toyota's robust recovery during the COVID-19 crisis is a testament to their resilience and commitment to their mission. Every vehicle ordered by customers keeps Toyota's plants and the economy going, and their continued focus on innovation, sustainable growth, and improving the lives of people around the world ensures that they will continue to drive society forward.
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