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☆ Toyota's Q3 profit jumps 22%, buoyed by weak yen and higher sales
▼ + stars: | 2023-02-09 | by ( Daniel Leussink | ) www.reuters.com time to read: +4 min

Operating profit for the three months ended Dec. 31 was 956.7 billion yen ($7.28 billion). That beat the average 764.54 billion yen profit estimated by 10 analysts, according to Refinitiv data. In the same period a year earlier, Toyota reported a 784.4 billion yen profit. He will hand over to the leader of Toyota's Lexus luxury brand as the shift to electric vehicles challenges the car giant. It also cut its sales target for battery electric vehicles to 40 from 58, following an embarrassing recall of its first battery electric model, the bz4x, last year due to safety issues.

☆ Toyota's Q3 profit jumps 22% as weak yen helps
▼ + stars: | 2023-02-09 | by ( Daniel Leussink | ) www.reuters.com time to read: +3 min

Operating profit for the three months ended Dec. 31 was 956.7 billion yen ($7.28 billion). That beat the average 764.54 billion yen profit estimated by 10 analysts, according to Refinitiv data. In the same period a year earlier, Toyota reported a 784.4 billion yen profit. While it trimmed its annual production target by about 1%, to around 9.1 million vehicles, it stuck to its forecast for annual profit of 2.4 trillion yen for the year to end-March. The automaker is likely to comfortably exceed that forecast, given that it has now delivered 2.1 trillion yen in the first nine months of the year, said Koji Endo, senior analyst at SBI Securities.

☆ Toyota Rethinks EV Strategy With New CEO
▼ + stars: | 2023-01-29 | by ( River Davis | ) www.wsj.com time to read: 1 min

Toyota ’s chief executive always said he wasn’t a skeptic about electric vehicles—he was a realist. Longtime CEO Akio Toyoda called himself a spokesman for “a silent majority” of people in the auto industry who questioned a single-minded focus on EVs. He argued that hybrid gas-electric vehicles like Toyota’s Prius could be just as environmentally friendly, and said other companies were pushing consumers to make a leap into EVs that they might not be ready for, without a charging infrastructure fully in place.

The 66-year-old Toyoda on Thursday announced he would step aside as leader of the company his grandfather founded from April 1 to take the role of chairman. He will hand over to Koji Sato, the 53-year-old head of Toyota's luxury Lexus brand. "It's likely that he'll remain active as chairman for a long time and continue to put his mark on Toyota." "Toyota is a public company that likes to pretend it's a family company," said John Shook, a former Toyota manager who now consults on the lean management techniques pioneered by the automaker. "Choosing someone who is much younger and with Sato's background indicates Akio recognised the time for change had come."

TOKYO, Jan 27 (Reuters) - Toyota Motor Corp (7203.T) chief Akio Toyoda is set to remain a dominant force inside the world's largest automaker for years to come, and will continue to influence the agenda after stepping down in April, experts and people familiar with the firm said. The 66-year-old Toyoda on Thursday announced he would step aside as leader of the company his grandfather founded from April 1 to take the role of chairman. "It's likely that he'll remain active as chairman for a long time and continue to put his mark on Toyota." "Toyota is a public company that likes to pretend it's a family company," said John Shook, a former Toyota manager who now consults on the lean management techniques pioneered by the automaker. "Choosing someone who is much younger and with Sato's background indicates Akio recognised the time for change had come."

☆ The outgoing CEO of a giant autos firm had a message for his successor: Don't be like me
▼ + stars: | 2023-01-27 | by ( Sophie Kiderlin | ) www.cnbc.com time to read: +2 min

After Akio Toyoda, CEO and President of Toyota, announced he was stepping down on Thursday, he shared his advice to his successor and his business philosophy. After Akio Toyoda, the CEO and President of Toyota, announced he was stepping down on Thursday, he shared his advice to his successor and broke down his business philosophy. "I told Sato 'don't try to run the company on your own, but as a team'," Toyoda said. Toyoda is due to officially step down as CEO and president on April 1, and will then become chairman of the board. His successor Sato is currently chief branding officer and is the head of Toyota's racing arm Gazoo and its Lexus division.

☆ Toyota CEO Akio Toyoda to Hand Control to Next Generation
▼ + stars: | 2023-01-26 | by ( River Davis | ) www.wsj.com time to read: 1 min

Toyota Chief Executive Akio Toyoda said it was time to pass the baton to a younger executive. TOKYO— Toyota Motor Corp. Chief Executive Akio Toyoda , who has expressed skepticism about an all-electric vehicle future, said he would hand the keys to a younger executive who he said might have new ideas. Koji Sato , a 53-year-old engineer who will take over as Toyota’s CEO in April, offered few details about his plans for the world’s top-selling auto maker. But his experience leading the introduction of the first fully electric Lexus and working on hydrogen-powered cars puts him in a position to tackle the coming transformation in cars.

☆ Toyota Needs a New EV Road Map
▼ + stars: | 2023-01-26 | by ( Stephen Wilmot | ) www.wsj.com time to read: 1 min

Toyota President Akio Toyoda recently said the car maker is looking at rolling out a dedicated manufacturing platform for electric vehicles. Toyota ‘s incoming boss has a big decision to make on electric vehicles. The world’s largest car maker by sales said Thursday that its President Akio Toyoda would move into the chairman role in April, leaving Lexus President Koji Sato to run the company. The unexpected move was prompted by the decision by current Chairman Takeshi Uchiyamada to retire. Celebrated as the father of the Prius, Mr. Uchiyamada said he saw the need for “generational change.”

☆ Who Is Koji Sato? Behind Next Toyota CEO’s Rapid Rise
▼ + stars: | 2023-01-26 | by ( Megumi Fujikawa | ) www.wsj.com time to read: 1 min

Toyota’s Chief Branding Officer Koji Sato, in a light jacket, will replace Akio Toyoda as the auto maker’s chief executive in April. TOKYO—It wasn’t too long ago that Toyota Motor Corp.’s Koji Sato found himself in the front passenger seat of a Lexus electric vehicle driven by his boss, Akio Toyoda . “What happens if I hit the accelerator?” asked Mr. Toyoda. “Give it a go,” replied Mr. Sato, and the two men laughed and whooped together as the car whizzed around a test track.

For the last three years, the 66-year-old has built up the "Toyota Times", hiring Japanese journalists and ramping up coverage of the company to counter what he sees as persistent misinformation and unfair criticism. "What I find unfortunate is that the media often thrives on conflict, setting BEVs against hybrids, for example," Toyoda said on the Toyota Times recently. After almost an hour of scripted presentations and banter, the Toyota Times host turned to questions from reporters. Toyoda has increasingly appeared to eschew traditional media as the company fell out of favour with environmentalists who once lauded its green technology. The Toyota Times also exclusively publishes the closely watched results of the company's spring wage negotiations with its union.

☆ Toyota CEO Akio Toyoda to Step Down and Become Chairman
▼ + stars: | 2023-01-26 | by ( Peter Landers | ) www.wsj.com time to read: 1 min

Toyota Chief Executive Akio Toyoda said it was time to pass the baton to a younger executive. TOKYO— Toyota Motor Corp. Chief Executive Akio Toyoda , a scion of the founding family who has led the company since 2009, will step down from his current roles and become chairman in April, Toyota said Thursday. Chief Branding Officer Koji Sato , a 53-year-old executive who has led Toyota’s luxury Lexus division since 2020, will become president and chief executive in April, the company said. Takeshi Uchiyamada , Toyota’s chairman, will step down from that post.

☆ Akio Toyoda Steps Down as Toyota President to Become Chairman
▼ + stars: | 2023-01-26 | by ( Peter Landers | ) www.wsj.com time to read: 1 min

TOKYO— Toyota Motor Corp. said that Akio Toyoda , a scion of the founding family who has led the company as president since 2009, will step down from his role as president and chief executive and become Toyota’s chairman in April. Toyota said Koji Sato , who is currently chief branding officer, will become president and chief executive officer on April 1.

☆ Timeline: Toyota CEO Akio Toyoda to step down after 14 years at the helm
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +3 min

Here's a chronology of key events and milestones in Toyota's history under Toyoda, the 66-year-old grandson of the company's founder. "CRISIS AFTER CRISIS"In June 2009, Toyoda became the president of the company his grandfather Kiichiro founded in 1937, replacing Katsuaki Watanabe. Akio was the first member of Toyoda family to take the helm since 1995. The safety crisis, which forced Toyoda to testify before Congress in 2010, threatened Toyota’s reputation and continued success in its most profitable market. Toyoda said on Thursday his term at the helm started with "crisis after crisis."

☆ Toyota leader Akio Toyoda to step down as president and chief executive
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +1 min

Companies Toyota Motor Corp FollowTOKYO, Jan 26 (Reuters) - Toyota Motor Corp (7203.T) said on Thursday that Akio Toyoda will step down as president and chief executive to become chairman from April 1, and hand over the helm of Japan's biggest automaker to its top branding officer, Koji Sato. Sato will become the new CEO while the current chairman, Takeshi Uchiyamada, will drop his chairman title but remain on the board, Toyota said. The issue of who would take over from Toyoda, the 66-year-old grandson of the company's founder, had increasingly been a focus for investors. Here are some reactions to the news:KOJI ENDO, SENIOR ANALYST AT SBI SECURITIE“I myself was surprised. Ten out of 10 analysts had probably been thinking that Toyoda would carry on (as CEO) for a while, so that came as a huge surprise.

☆ Toyota names Lexus chief Koji Sato CEO as Akio Toyoda takes chairman role
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

[1/3] Toyota Motor Corporation President Akio Toyoda and Toyota's GAZOO Racing Company President Koji Sato attend an event for Toyota GAZOO Racing and LEXUS at Tokyo Auto Salon 2023 at Makuhari Messe in Chiba, east of Tokyo, Japan January 13, 2023. REUTERS/Kim Kyung-HoonCompanies Toyota Motor Corp FollowLexus FollowTOKYO, Jan 26 (Reuters) - Toyota Motor Corp (7203.T) said on Thursday that Akio Toyoda will step down as president and chief executive to become chairman from April 1, and hand over the helm of Japan's biggest automaker to the company's top branding officer. Koji Sato, a 53-year-old who is also president of Toyota's luxury brand Lexus, will become the new CEO, the company said. He has held positions as the president of Lexus International and Gazoo Racing Company, Toyota’s motorsport brand, since 2020. He also took on an executive role at Toyota and became its chief branding officer in January 2021.

☆ Toyota CEO and President Akio Toyoda to step down
▼ + stars: | 2023-01-26 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Toyota Motor Corporation's President and Chief Executive Akio Toyoda will step down from his post on April 1, to be replaced by current Chief Branding Officer Koji Sato, the Japanese automaker said Thursday. Toyoda will become the new chairman of the board, while the current Chairman Takeshi Uchiyamada will continue as a member of the board. Toyoda, 66, is the grandson of the carmaker's founder and has served as chief executive since June 2009. Chairman Uchiyamada has long supported me in all imaginable ways," Toyoda said in a webcast. Tokyo-listed shares of Toyota ended the session 0.63% lower Thursday ahead of the announcement.

☆ For automakers, the EV surge is everything everywhere all at once
▼ + stars: | 2023-01-26 | by ( Joseph White | ) www.reuters.com time to read: +4 min

He must accelerate the Japanese automaker's efforts to develop more competitive electric vehicles. But he will get little breathing room from Tesla or the Chinese EV manufacturers who are using their leads in EV technology and production costs to slash prices. THE SHIFTING GROUNDGlobal automakers are experienced with periods of feast and famine that come on roughly seven-to-ten year cycles. South Korea's Hyundai Motor Co (005380.KS) on Thursday reported better-than-expected results powered in part by strong sales of its new EV lineup. Hyundai forecast its EV sales would grow by 54% this year - a faster growth pace than Tesla has forecast.

☆ Koji Sato, incoming Toyota CEO, must navigate shift to clean energy
▼ + stars: | 2023-01-26 | by ( Sakura Murakami | ) www.reuters.com time to read: +3 min

Currently the CEO of Toyota's luxury brand Lexus, Sato will succeed Akio Toyoda as the CEO of Toyota on April 1. Under Toyoda, the automaker has followed a go-slow approach to electric vehicles, arguing that the hybrid technology it pioneered with the Prius will remain important along with investments in hydrogen. Sato started his career at Toyota in 1992, before rising through the ranks to become chief engineer of Lexus International in 2016, according to his profile on the Toyota website. That passion was obvious in a brief video clip released in 2021, where Sato sits next to Toyoda as they test-drive a Toyota Lexus. As Toyoda accelerates and whoops excitedly, Sato can be seen with a wide grin and occasionally laughing, unable to contain his delight.

☆ Akio Toyoda steps down: Toyota names Koji Sato new CEO
▼ + stars: | 2023-01-26 | by ( Michelle Toh | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Toyota’s longtime president and CEO Akio Toyoda is stepping down and handing over the reins of the world’s largest automaker to Lexus chief Koji Sato. The Japanese company announced the shakeup Thursday, saying that Toyoda would be appointed chairman of the board as Sato takes over daily management. Takeshi Uchiyamada, Toyota’s current chairman, will resign from his post but remain on the board, the company said. “I believe that over the past 13 years, I have built a solid foundation for passing the baton forward.”Akio Toyoda, president of Toyota, speaking at the company's showroom in Tokyo on Dec. 14, 2021. Sato will take over as CEO of Toyota in April.

☆ Breakingviews: Toyota without Toyoda takes a small step forward
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Jan 26 (Reuters Breakingviews) - Akio Toyoda, grandson of the founder of the world’s largest automaker, is handing over his title as Toyota (7203.T) president, which effectively means chief executive, to Koji Sato. The new boss is currently chief branding officer and president of the Lexus luxury unit. Sato’s role at Lexus might be more pleasing to climate activists who have lambasted Toyota for not transitioning to pure electric vehicles quickly enough. (By Pete Sweeney)Follow @Breakingviews on Twitter(The author is a Reuters Breakingviews columnist. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

According to the document, Aramco's investment would be used to support development of decarbonization technologies for gasoline engines. SUBJECT TO BOARD APPROVALSThe oil company's deal with Geely and Renault still needs approval by the boards of the automakers, one of the people said. For Geely, the deal with Renault extends its pattern of building partnerships to expand beyond China. In that kind of arrangement, gasoline engines could be designed to operate in an "exceptionally efficient mode," one of the sources said. Geely has a previously announced a hybrid gasoline engine development deal with Mercedes-Benz (MBGn.DE) and holds a stake in the German automaker.

☆ Toyota says it plans to transform older cars into eco-friendly models to reduce carbon emissions, as the carmaker faces increased criticism for EV hesitancy
▼ + stars: | 2023-01-15 | by ( Bethany Biron | ) www.businessinsider.com time to read: +3 min

Toyota plans to convert older cars into eco-friendly models by updating parts, the AP reported. CEO Akio Toyoda announced the effort at an industry event in Tokyo on Friday, per the AP. Toyota has been reluctant to produce EVs due to high costs and concerns about lack of demand. Toyota CEO Akio Toyoda said the company plans to use a "conversion" strategy that involves transforming older cars into more sustainable models by replacing certain parts, the Associated Press reported. At the time, Toyota also pledged to make all models in its Lexus line electric in the US, China, and Europe by 2030.

☆ Toyota Considers New EV-Dedicated Platform as It Looks to Build Scale
▼ + stars: | 2023-01-13 | by ( River Davis | ) www.wsj.com time to read: 1 min

Toyota President Akio Toyoda said Friday EVs needed to be thought of independently. CHIBA, Japan– Toyota Motor Corp. is looking at rolling out a new manufacturing platform designed specifically for electric vehicles, part of revamped efforts to find the formula for making a large number of EVs profitably. The Japanese car company is considering a platform—a common foundation on which various car models can be built—that is different from the one underpinning the auto maker’s current EVs, Toyota President Akio Toyoda said.

☆ Back to the future: Toyota sets sights on old-car upgrades in zero-emissions drive
▼ + stars: | 2023-01-13 | by ( ) www.reuters.com time to read: +1 min

[1/5] Toyota Motor Corporation President Akio Toyoda and Toyota's GAZOO Racing Company President Koji Sato attend an event for Toyota GAZOO Racing and LEXUS at Tokyo Auto Salon 2023 at Makuhari Messe in Chiba, east of Tokyo, Japan January 13, 2023. REUTERS/Kim Kyung-HoonCHIBA, Japan, Jan 13 (Reuters) - In an eye-catching bid to show that cars can be clean while appealing to old-school petrolheads, Toyota Motor (7203.T) on Friday showcased zero-emission versions of its 1980s sports range, which still boasts a strong global fan base. Toyota President Akio Toyoda said remodelling existing cars needed to be explored as an option to achieve a goal of zero carbon emissions by 2050. In Japan, only one in about 20 cars on the road are new, and older ones are mainly powered at least partly by gasoline. "It's important to leave a choice for cars that are already loved or owned by someone," Toyoda, a self-confessed car-lover and race-car driver, said at the event.

☆ GM reclaims title as America's top automaker after a 2.5% jump in sales last year
▼ + stars: | 2023-01-04 | by ( Michael Wayland | ) www.cnbc.com time to read: +1 min

DETROIT – General Motors reclaimed its U.S. sales crown from Toyota Motor last year as the Detroit automaker eked out a slight gain in annual U.S. vehicle sales despite supply chain problems. GM said Wednesday it sold 2.27 million vehicles in the U.S. in 2022, up by 2.5% over 2021, including a 41.4% increase during the fourth quarter. Toyota said it sold 2.1 million vehicles in the U.S. last year, down 9.6% from 2021. Toyota edged out GM in sales by 114,034 vehicles in 2021 – dethroning the Detroit automaker for the first time since 1931 when it surpassed Ford Motor . Jack Hollis, executive vice president of Toyota Motor North America, on Wednesday said the Japanese automaker remains focused on retail sales, which are traditionally more profitable than commercial or fleet sales.

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