Toyota's Strategy of Generating Joy for Everyone
Toyota Announces New Philosophy for a Brighter Future
In a significant move, Toyota, the renowned automotive company, unveiled its new philosophy last year at its financial results briefing for the first half and second quarter of its fiscal year ended March 31, 2021. This new direction, dubbed the Toyota Philosophy, is set to guide Toyota's corporate activities moving forward.
The philosophy was inspired by the conviction and passion of Akio Toyoda's grandfather, Kiichiro Toyoda, who ventured into the automotive business 90 years ago. Akio, the current CEO, aims to carry forward this legacy, emphasizing a principle that continues to live on at Toyota: "for someone other than yourself." This mindset reflects a commitment to serve others and create together.
Akio's vision for the future involves cars being connected to communities and people's lives through information, becoming an integral part of the social system. This vision is particularly evident in Toyota's ambitious project, Woven City, where the company aims to demonstrate a mobility society that connects people's hearts and engages diverse partners to make city residents happy.
The Toyota Philosophy's mission is defined as "producing happiness for all." Akio sees happiness as being diverse and not the same for everyone, and he aims for high-mix, low-volume production to achieve this. He interprets people's happiness as the 18th goal among the 17 United Nations' Sustainable Development Goals (SDGs).
In line with this philosophy, Toyota is undergoing a complete redesign, transforming itself into a mobility company. The company is working on initiatives with various partners beyond the way it has done things before, aiming to create an "ever-better mobility society."
Diversity in values and abilities among human resources will be crucial for innovation in the future, according to Akio. He has expressed a desire for his generation to be the last to spend time on the past, and for the next generation to focus on the future. This is why the Toyota Philosophy, which is based on the Toyoda Principles compiled in 1935, is an attempt to properly pass on the teachings of Sakichi Toyoda to the next generations.
The Toyota Philosophy's having been referred to as a compass, of sorts, for management is probably why it was a topic of great interest to shareholders. Chief Human Resources Officer Masanori Kuwata was directed to respond to a question about the Toyota Philosophy.
Akio hopes to move step by step towards the future, aiming to arrive at a world that realizes the 18th SDG with the help of many stakeholders. Woven Planet, a software company within the Toyota Group, is seen as leading the way in this transformation.
In conclusion, Toyota's new philosophy represents a significant shift in the company's approach to business. By focusing on producing happiness for all, Toyota aims to create a more connected and sustainable world, one step at a time.
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