Toyota abandons 15% of global market target and returns to quality and user needs

by:Gewinn     2022-05-31
Toyota's new president Akio Toyoda has abandoned the company's original goal of occupying 15% of the global auto market share, and has instead returned to focus on vehicle quality and user needs. Toyoda said the rapid expansion in the past had overtaxed the company's resources. At present, Toyota's global production capacity is around 10 million vehicles, but its sales plan this year is only 6.6 million vehicles, which means a huge waste of production capacity. Toyota's new management sees this as the result of a blind pursuit of numbers rather than user needs. Toyota's 15 percent global market share target was set in 2002 by Fujio Cho, then Toyota's president, and was originally scheduled to be achieved after 2010. In 2002, Toyota's global market share was 10.7%. But when Akio Toyoda took office in June this year, Toyota suffered its first loss in 70 years, and Toyota's strategy shifted from offense to defense.
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