Toyota's Success Lies in Its Focus on Aiding Others, Affirmed by Akio

Toyota Emphasizes Collaboration and Survival Amid COVID-19 Challenges

At the 116th Ordinary General Meeting of Shareholders in Japan on June 11, Akio Toyoda, the company's President, addressed the ongoing challenges posed by the COVID-19 virus. He mentioned collaborating with Panasonic and Sony, as well as Toyota's dealers, in a collective effort to navigate these difficult times.

In his speech, Akio acknowledged the current situation as extremely challenging and emphasized the importance of survival for the company. He expressed a belief that Toyota is being reborn into a company that can apply its strength for the benefit of others.

Toyota dealers are actively listening to the problems of their customers and local communities, and they aim to move forward with an energetic and cheerful attitude. Akio also asked about the implications if no one wins in the current situation, emphasizing the need for a winner to support the industry and the country.

In terms of action, Toyota is asking its suppliers for help in the production of medical face shields. The company is working to understand the problems facing its more than 400 first-tier suppliers and, through them, the problems faced by its more than 10,000 second-tier suppliers. Toyota is also assisting its suppliers in the form of financing, production support, and adjusting delivery dates.

The revenue of Toyota's suppliers has been in an extremely severe situation due to market declines in Asia and China, tough competition with local manufacturers, and the COVID-19 pandemic. Despite the difficulties, many suppliers are making efforts to respond to CASE (Connected, Autonomous, Shared, and Electric) and invest in the future, and are engaging in various initiatives to help with the medical front lines and the waning of the virus.

However, not all suppliers and dealers are able to extend their profit along the same lines as Toyota. Akio acknowledged this disparity and expressed a desire to make a world they want to live in and make real friends. He clarified that Toyota is working together with its suppliers and dealers in this endeavour.

The executives in charge of purchasing and domestic sales share the same understanding and feelings as Akio. They believe that if there is not even one winner, the industry and the country cannot be supported. Akio reiterated his belief that those who survive should use their strengths for the benefit of people in society.

Toyota has forecasted a profit of 500 billion yen for the current fiscal period. Despite this, the company remains focused on collaboration and survival, working to support its suppliers and dealers, and contributing to the medical front lines and the waning of the COVID-19 virus.