Unite in Strength (Remarks by President Akio Toyoda During Discussion of FY2020 Financial Results)

In a press conference held online on May 12, 2020, Akio Toyoda, President of Toyota Motor Corporation, shared the company's full-year financial results for the fiscal year ending March 31, 2020, and discussed future plans.

Despite forecasting a decrease in vehicle sales of 1.95 million units for the year, Toyota predicted an operating income of 500 billion yen. This resilience, according to Toyoda, is a testament to the company's strong foundation and its ability to weather various crises.

Since Toyoda's appointment as president, Toyota has faced numerous challenges, including the global financial crisis, massive recall crisis, Great East Japan Earthquake, flooding in Thailand, and the so-called "Six Hardships" in Japan. However, Toyota has managed to gradually strengthen its corporate composition by reducing R&D expenses and capital expenditures and by bringing the number of vehicles sold back up to levels before the global financial crisis.

Toyota has also been actively advancing the building of partnerships through alliances and has changed its company's thinking about alliances. The company is providing support to other industries by applying Toyota Production System (TPS) to improve productivity for items that cannot be produced on their own, such as ventilators.

In response to the COVID-19 pandemic, many monozukuri (manufacturing) companies have started producing medical face shields, protective gowns, masks, and other items. Toyota is no exception, with the company making medical face shields in the United States using 3D printers and extending such efforts to other parts of the world, including Japan and Europe.

Akio Toyoda reiterated his commitment to keeping monozukuri in Japan, stating that it is necessary to produce things, maintain production, and the people, skills, and techniques that help achieve it, especially during this period of crisis due to COVID-19. He emphasized the importance of people in monozukuri, stating that people are the source of continuous improvement and a driving force for the growth and development of the industry.

Toyoda also highlighted Toyota's mission to provide goods and services that make people throughout the world happy, or, in other words, to "mass produce" happiness. He emphasized that it is necessary to cultivate Toyota people in the world who can wish for and take action for the happiness of those other than themselves, developing human resources that have what he likes to call a "you perspective".

Toyota has been using its financial results press briefing as an opportunity to share results and offer management insights into current topics since 2018. The press conference was conducted online due to social distancing measures and the need for people to stay at home.

Akio Toyoda, in his role as chairman of the Japan Automobile Manufacturers Industry, also expressed his intention and commitment to keeping monozukuri in Japan. He expressed concern about sacrificing employment and domestic monozukuri being praised, stating that to continue to protect a certain thing and to keep doing what they are doing is not easy.

The press conference concluded with Akio Toyoda reiterating his commitment to Toyota's mission and to keeping monozukuri in Japan, not only as the president of Toyota but also in his role as chairman of the Japan Automobile Manufacturers Industry.