Purnima Narang || The CEO Magazine
Recorded as world's first automobile manufacturer to produce more than 10 million vehicles per year since 2012, Toyota Motors is headed by its family successor Akio Toyoda. Born on May 3, 1956, in Nagoya, Japan, Toyota Motor's President and Member of Board of directors has a law background as he graduated from Keil University in April 1979. He pursued a master's degree in business administration in 1982 from Babson College in the United States. The Japanese business executive has been serving his family business Toyota Motors that was established by his grandfather Sakichi Toyoda.
Sakichi Toyoda is the father of the Japnese industrial revolution who established Toyoda Automatic Loom Works, his son and Akio Toyoda's grandfather is the founder of Toyota Motors one of the largest automaker. Akio Toyoda's talented family line has dominated the upper management of the family business since the time of Sakichi Toyoda.
With a net worth of $1 Billion, Toyoda has accumulated years of experience working and serving the company at various positions including various postings in every phase of automotive operations, including production, marketing and product development in Japan and internationally. He has served in California as the vice president and board member at new united motor manufacturing, Inc. (NUMMI), Toyota's production joint venture with General Motors in April 1998.
After his return to Japan in June 2000, he returned to Japan and was named to TMC's Board of Directors. He also launched a website called gazoo.com for used and new vehicles to be traded online through the online shops. He also supervised the market operations domestically as well as in America along with production management consulting.
While in June 2001, Akio Toyoda became the chief officer of the Asia and China operations Center, on June 2002, he assumed the position of managing director and eventually he also served the Company in various other positions including senior managing director in 2003, (the title was changed in 2011). He became the Chief Officer of the China Operations Group and the Asia, Oceania and Middle East Operations Group. In 2009, Toyoda became president of TMC.
Akio Toyoda has a passion for racing as he is an avid racing fan and driver himself. Toyoda has promoted the sports models like Lexus IS-F and Lexus LF-A at auto races. He has also participated as a driver at events like the 2009 24 Hours Nurburgring race employing the Morizo Kinoshita. He also reached the 87th position overall and the fourth position in this class with his LF- A Prototype No.14.
The name "Toyota" was taken from the family name "Toyoda" which satisfied both the businessmen and the customers. The brand name was believed to sound better and had an eight-stroke count in the Japanese language associated with wealth and good fortune. The original logo was replaced by October 1989 to commemorate the 50th year of the company. The three ovals in the new logo combine to form the letter "T", which stands for Toyota. The two perpendicular ovals represented the mutually beneficial relationship between the customer and the company while the larger oval surrounding both the inner ovals represented the "global expansion of Toyota's technology and unlimited potential for the future.
Under the guidance of Akio Toyoda, Toyota Motors manufactures its wide product line of electronic technology powered products including hybrid electric vehicle (EVs), plug-in hybrids, all-electronic vehicles, hydrogen fuel cell along with SUVs, pickup trucks and luxury-type vehicles, buses and motorsports. The brand has non-automotive activities including Aerospace, philanthropy, higher education, robotics, agricultural biotechnology and sewing machine technology. The company has a vast array of client's base from various sectors along with a worldwide presence.