Toyota's Interim Financial Results for FY2021 - The Rationale Behind Akio's Presence
In an unprecedented move, Akio Toyoda, President of Toyota, attended the interim financial results briefing for the first half of fiscal year 2021 during the COVID-19 outbreak in 2020. This marked his first attendance at such an event since he became president.
Toyota held the briefing on November 6, 2020, to cover the first-half and second quarter of the fiscal year. In his address, Toyoda expressed his gratitude to suppliers, dealership staff, employees, and others who have proactively made efforts to find "a better way to do things" and "revitalize everyone" during the pandemic.
The automobile industry in Japan, including Toyota, is having a positive impact on the country's economy. It 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.
During the pandemic, Toyota's sales recovery outpaced the market by more than three percent, a significant improvement compared to a four percent lag during the global financial crisis. This achievement is a testament to the company's resilience and adaptability in challenging times.
Toyota's vision, as defined in the Toyota Philosophy, is "Creating Mobility for All". The word "mobility" in this context is used with the added meaning "each person should take action". This philosophy is a call to action for everyone associated with Toyota to contribute to the betterment of society.
In line with this philosophy, Toyota voluntarily produced face masks and medical face shields needed by society during the pandemic. Akio Toyoda believes that the sight of plants operating and people working energized their local communities.
On plant non-operation days, Toyota members engaged in kaizen (continuous improvement) and greatly improved productivity. This initiative was not limited to the company, as it spread to five automobile trade organizations in Japan.
Akio Toyoda attributes Toyota's success to its financial strength and profit structure, but he emphasizes that the No. 1 factor has been the growth of the people working for Toyota. He stated, "The sight of plants operating and people working energized our local communities."
Toyota's mission, as defined in the Toyota Philosophy, is "Producing Happiness for All". The Toyota Philosophy requires each Toyota person to take actions that lead to the happiness of humankind, including concerning the global environment.
In conclusion, Toyota's response to the COVID-19 crisis is a shining example of a company stepping up to support society during challenging times. Akio Toyoda's attendance at the financial results briefing was a break from tradition, but it was a powerful symbol of Toyota's commitment to its stakeholders and the broader community.
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