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Toyota - Lexus. Put the new Saab in perspective
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Posted by John A. (more from John A.) on Mon, 13 May 2002 21:32:03 Share Post by Email
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In the Marketplace/ Toyota looking to become world's top automaker
(from Japan's leading newspaper - Daily Yomiuri)



Yomiuri Shimbun

Toyota is expected to announce Monday that it has posted a current profit of 1 trillion yen for the business year that ended in March 2002, an amount that has never been achieved by a Japanese company.

The leading Japanese automaker boasts an overwhelming share in the domestic market, a strong sales network and sufficient cost-cutting efforts.

Toyota is aiming to become the world's top automaker by raising its market share from 10 percent to 15 percent by the early 2010s.

Toyota controls 42 percent of the domestic market thanks to the popularity of the lineup of cars it has on the market.

It manufactures about 60 models targeted at a wide range of customers according to gender, age, annual income and family type. The carmaker gathers information on customer preferences through its network of about 5,000 sales outlets nationwide.

The company has about 600 designers in Japan, France and the United States working on new cars.

Previously, it took 1-1/2 years from the completion of a car's design until it could be mass-produced.

However, this period has been shortened to 11 months for small cars like the bB.

Toyota has been quick to put new models on the market to replace unpopular ones, a practice that makes it hard for competitors to overtake it, observers said.

"It is essential to promote market demand by putting out new models," said Toyota Vice President Kazushi Iwatsuki.

The company is planning to roll out up to 17 new models this year, the same number as last year.

Domestic sales in fiscal 2001 declined to 1.67 million units, the lowest level in the last decade.

Yet Toyota's sales in the United States, which account for half of its overseas sales, are increasing, marking a record high sales volume of 1.74 million units. Consequently, Toyota's market share in the United States rose to 10.1 percent, passing the double digit mark for the first time and closing in on the 13.2 percent share held by DaimlerChrysler, one of the Big Three automakers.

Whereas the biggest sellers in the domestic market are small cars, luxury models such as the Lexus are selling well in the United States. The carmaker's capability to offer models to suit various markets makes up for its poor business performance in some regions.

In addition, a weaker yen led to increased profits in overseas markets.

Toyota recorded a weak yen-boosted profit margin of 170 billion yen on a consolidated basis for the April-September period in 2001. Consequently, the company's operating profit rose to 7.4 percent, whereas the automobile industry average is around 5 to 6 percent.

===

Pursuing cost-cutting efforts


Toyota has strengthened measures to cut costs, a process once compared to "squeezing a dry damp cloth."

In July 2000 Toyota launched its CCC21 project, through which it intends to cut 1 trillion yen in expenses over three years.

For instance, the carmaker reduced the number of its trial products, instead establishing a system in which faults in products under development can be examined on a computer screen. In this way, Toyota managed to reduce development costs.

Toyota disassembled major models from U.S. and European automakers in an effort to thoroughly examine each part in terms of quality and price.

Through this effort, it succeeded in reducing the number of door handle types used on its models from more than 30 to just three.

By using such measures, the production cost of the Corolla, a small car that was thoroughly upgraded and rereleased on the market in August 2000, was reduced by 30 percent, which reduced its selling price by 60,000 yen.

Freezing pay raises


Toyota's sales, combined with those of its group companies Daihatsu Motor Co. and Hino Motors, Ltd., now account for a 10 percent market share and the number three ranking worldwide.

Toyota's target of a 15 percent global market share means that the company intends to compete directly with General Motors for the position of the world's leading automaker by beating Ford, which is currently ranked second.

Despite its unprecedentedly good business performance, Toyota management, in response to the annual spring labor offensive, did not give in to labor union demands for higher pay and maintained its policy of not raising wage levels beyond mandatory increases. "In a deflationary period, it is imperative to reduce labor costs," a Toyota executive said.

Toyota executives believe the company's current annual profit of 1 trillion yen is simply one more milestone to be passed, and the company seems relentless in its pursuit of profits.

"We will need large amounts of money to develop fuel cells and other new technologies. We can never earn too much," an executive said.


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