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The Toyota Motor Corporation is a popular firm in the manufacture of automobiles. This sector of the economy has been known for its robustness and the fast changing economic paradigms. Indeed, the ever increasing global demand for the recent innovations as well as the competitively priced automobiles has stoked a significant amount of competition in the global arena changing the fortunes for most of the companies. Besides, global concern over the future of our environment has impacted on the operations of automobile companies including the Toyota as pressure continue to mount on the use of environmental friendly productions as well as develop programs that seek to conserve the environment. (Toyota Motors Corporation Annual Report 2010, pg 4).
As a matter of fact, the last 70 year that Toyota Motors Corporation has been in existence has seen it wade through the ups and downs of the economic world. Perhaps such experience contributes to the continued ability to address some of the challenges of today. These have included but are not limited to market liberalizations, recessions, global warming concerns as well as oil shocks resulting from political instability in the Arab world. In the face of these adversities, the management team together with all the company employees remained true to the founding principles of Toyota to put the society first. This is why the company continues to exude extraordinary confidence that with their high quality safe vehicles that are mostly market friendly, it will overcome the current market challenges. (Toyota Motors Corporation Annual Report 2010, pg 14).
The Toyota Motor Corporation has had quite very turbulent times in the fiscal period ending 2010. Indeed, the initial forecasts by the financial advisors had predicted severe operational losses. For instance, net income of the company considerably declined by a margin of ¥237.3 billion to a whooping ¥947.6 billion during this period. In addition, the incomes due to operations decreased by ¥18.8 billion to rest at a paltry figure of ¥8.9 billion. This was despite the fact that a few entries into the market indicated possibilities of recovery, the global recession that had hit hard on the Japanese, United States and other world economies became a major hindrance. This resulted in the company falling short of the projected full scale incomes recovery in spite of having made some considerable profits on a consolidated basis. It is these concerns that saw the company put new faces in the management that is reform minded and motivated enough to stimulate performance recovery. So far, the management team has made certain far reaching decisions including the introduction of new structures of operations all across the company. Most importantly, this team has seen the withdrawal of the company from F1 and the eventual shut-down of New United Motor Manufacturing Inc where the company was in a joint business venture with General Motors. It is largely anticipated that this working spirit will see a return to the era of car manufacture that Toyota Motor Corporation is well known of. (Toyota Motors Corporation Annual Report 2010, pg 15).
It must however be acknowledged that the company was able to make a total consolidated incomes of operation of ¥147.5 billion for the period ending 31 March, 2010. Indeed, in our next operations strategy we will prioritize moving into the black as one thing that is worth formulating as it may just the automobile manufacture in the next century. In this respect, it is a considered plea by the management to the stakeholders especially the shareholders who may be nursing some disappointment to give it the benefit of doubt as the new strategies are tackled. (Toyota Motors Corporation Annual Report 2010, pg 17).
The Company is clearly gearing up for good moments a head under the very able management team. For a start, they have marked the financial year ending 2011 as the period that Toyota Motors Corporation is going to make the greatest impact in the automobile industry based on the already set strategies for growth. For instance, the company will embark on a massive manufacture of new generation eco-cars. Already plans are underway to cement the partnership with Tesla Motors that was announced sometime in May 2010. This partnership is aimed at making a kill in the manufacture of electricity driven automobiles. So far several products of this venture are in the market for trials. In fact some time in 2010 I had an opportunity to try this technology of Tesla Motors on my visit to the United States and I can certainly attest that it is indeed the taste of the future global automobiles. (Toyota Motors Corporation Annual Report 2010, pg 24).
This partnership will no doubt reawaken the spirit of innovation that has always formed the backbone of Toyota Motor Corporation. Indeed, since its foundation, the company has held to its core mission of making safe and efficient automobiles for the global society. In addition, its dynamic and robust attributes will see it adapt in a timely manner to the ever changing technological advancements. (Toyota Motors Corporation Annual Report 2010, pg 45).
There are no intentions to change the company’s investor ratios. However, there is a full program awaiting execution that would see all the stakeholders take a leading role in the success of the company’s production. Indeed, it is a matter of great essence getting the company’s customers, dealers, shareholders, suppliers, employees, regional communities, and all other stakeholders come on board to facilitate the growth that is already picking up. They will get to appreciate that the management does not only seek to pursue a greater market share, but is also focused on delivering quality and safety to the market in the form of affordable automobiles. (Toyota Motors Corporation Annual Report 2010, pg 83).