Toyota's Interim Financial Results for FY2021 - Rationale Behind Akio's Presence
In an unprecedented move, President Akio Toyoda attended a financial results press conference at the beginning of Toyota's fiscal year 2021, expressing the company's commitment to overcoming challenges posed by the COVID-19 pandemic and focusing on innovation, sustainability, and long-term growth.
The briefing, held on November 6, 2020, covered the first-half and second quarter of the fiscal year. Akio highlighted Toyota's efforts during the pandemic, including the production of face masks and medical face shields, improving productivity during plant non-operation days, and continuing to build relationships with customers through online sales.
Akio emphasized Toyota's mission during the crisis: to work for someone other than themselves, as well as for society and the future, with the goal of "producing happiness for all". This mission is a continuation of the Toyoda Principles and is seen as the spirit of the Sustainable Development Goals.
The fast recovery of the automobile industry is already having a positive impact on Japan's economy, even though we are only halfway through Toyota's fiscal year. The automobile industry in Japan, including Toyota, employs 5.5 million people and generates approximately 15 trillion yen in annual taxes. The economic ripple effect of the automobile industry in Japan is 2.5 times greater than the output of the automotive industry alone.
Akio expressed gratitude to suppliers, dealership staff, employees, and others for their efforts in finding "a better way to do things", "a way to revitalize everyone", and feeling "there is more that we can still do" during the pandemic. He believes the sight of plants operating and people working energized their local communities.
Toyota's increased strength in financials and profit structure, as well as the growth of its employees, were significant factors in the positive financial results. Akio believes Toyota's sales recovery during the COVID-19 crisis outpaced the market by more than three percent due to the effort to deliver ever-better cars to customers and the rapid sales recovery.
Management based on the Toyota Philosophy is seen as leading to sustainable efforts toward achieving the Sustainable Development Goals. Toyota wants to receive strict yet warm guidance and support from all of its stakeholders, including those present at the financial results briefing.
It's worth noting that previously, Akio's appearances at financial results briefings were typically reviews of the full fiscal year. Akio's last in-person appearance at an interim financial results briefing was in 2002.
The Toyota Philosophy defines the mission as "Producing Happiness for All" and "Creating Mobility for All". Akio attended the briefing because of the COVID-19 pandemic, stating it was critical for the company to contribute through work during an emergency. The numbers announced by Toyota are the result of the hard work of many people.
In conclusion, Toyota's approach to the COVID-19 crisis reflects its commitment to its mission and the greater good. The company's efforts during the pandemic are not just about survival, but about finding ways to revitalize, innovate, and grow for the long term.
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