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Toyota's Globalization Strategies |
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"If people started living at the South Pole, we would want to open a dealership there." 1 - Fujio Cho, President of Toyota Motor Company, in March 2002. "Toyota is a car company that challenges itself in a way that makes the world shudder. Toyota announces it is shooting for 15% of the global market and 50% cost cuts, and everyone goes 'Ooof!' It is like getting hit in the solar plexus." - Maryann Keller, a US-based consultant (auto industry), in April 2003.2 Casting a Global SpellIn January 2004, leading global automobile company and Japan's number one automaker, Toyota Motor Corporation (Toyota), replaced Ford Motors (Ford), as the world's second largest automobile manufacturer; Ford had been in that spot for over seven decades. In 2003, Toyota sold 6.78 million vehicles worldwide while Ford's worldwide sales amounted to 6.72 million vehicles (General Motors, the world's largest car manufacturer sold 8.60 million vehicles). The company reported a 23% increase in net income (as compared to the corresponding period of the previous year) to $4.4 billion on revenues of $69.7 billion. This took Toyota way ahead of World's top three automobile makers (at that time) by sales, General Motors (GM), Ford Motors (Ford) and Daimler Chrysler. Its market capitalization of $110 billion (on November 05, 2003) was more than the combined market capitalization of these three players. (See Table I).
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1] Green and Global Are the Road to Success, www.toyota.co.jp, March 18, 2002. |
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