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Overview of Toyota Motor Corporation

Toyota Motor Corporation, founded in 1937, is the world's largest automobile manufacturer, producing about 10 million vehicles annually. The company has evolved from its origins as a spinoff of Toyota Industries into a global leader in automotive innovation, notably with the development of the Toyota Production System and the popular Toyota Corolla. While recognized for its advancements in hybrid technology, Toyota faces criticism for its slower transition to all-electric vehicles.

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29 views1 page

Overview of Toyota Motor Corporation

Toyota Motor Corporation, founded in 1937, is the world's largest automobile manufacturer, producing about 10 million vehicles annually. The company has evolved from its origins as a spinoff of Toyota Industries into a global leader in automotive innovation, notably with the development of the Toyota Production System and the popular Toyota Corolla. While recognized for its advancements in hybrid technology, Toyota faces criticism for its slower transition to all-electric vehicles.

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Toyota Motor Corporation (Japanese: トヨタ自動車株式会社, Hepburn: Toyota Jidōsha

kabushikigaisha, IPA: [toꜜjota], English: /tɔɪˈjoʊtə/, commonly known as simply Toyota) is a


Japanese multinational automotive manufacturer headquartered in Toyota City, Aichi, Japan. It was
founded by Kiichiro Toyoda and incorporated on August 28, 1937. Toyota is the largest automobile
manufacturer in the world, producing about 10 million vehicles per year.
The company was originally founded as a spinoff of Toyota Industries, a machine maker started
by Sakichi Toyoda, Kiichiro's father. Both companies are now part of the Toyota Group, one of the
largest conglomerates in the world. While still a department of Toyota Industries, the company
developed its first product, the Type A engine, in 1934 and its first passenger car in 1936, the Toyota
AA.
After World War II, Toyota benefited from Japan's alliance with the United States to learn from
American automakers and other companies, which gave rise to The Toyota Way (a management
philosophy) and the Toyota Production System (a lean manufacturing practice) that transformed the
small company into a leader in the industry and was the subject of many academic studies.
In the 1960s, Toyota took advantage of the rapidly growing Japanese economy to sell cars to a
growing middle-class, leading to the development of the Toyota Corolla, which became the
world's all-time best-selling automobile. The booming economy also funded an international
expansion that allowed Toyota to grow into one of the largest automakers in the world, the largest
company in Japan and the ninth-largest company in the world by revenue, as of December 2020.
Toyota was the world's first automobile manufacturer to produce more than 10 million vehicles per
year, a record set in 2012, when it also reported the production of its 200 millionth vehicle. By
September 2023, total production reached 300 million vehicles.[4]
Toyota was praised for being a leader in the development and sales of more fuel-efficient hybrid
electric vehicles, starting with the introduction of the XW10 Toyota Prius in 1997. The company now
sells more than 40 hybrid vehicle models around the world. More recently, the company has also
been criticized for being slow to adopt all-electric vehicles and focusing on the development
of hydrogen fuel cell vehicles, like the Toyota Mirai, a technology that is costlier and has fallen far
behind electric batteries.

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