Toyota: A Saga of Success

Toyota Motor Corporation is the success story of 21st century automobile industry. After the Second World War, the company concentrated on the small passenger car production segment. Initially, Toyota was producing automobiles in Japan and exporting them to other countries. Today, Toyota has become world's largest automaker from a small Japanese automaker through its unique production system and innovation. The Toyota Corporation operates through three segments such as automotive, financial and other supporting services. Toyota has been recognized as the leader in automotive operational excellence and has introduced Toyota production system philosophy which has provided quality and efficiency. Toyota is known for small cars and fuel efficient vehicles. Toyota has been producing automobiles for all the segments from small cars to big trucks. Toyota also laid more emphasis on building hybrid cars as it believed that the future of car business would be hybrid and more environment-friendly. In 2002, Toyota adapted "Global vision 2010"with maximum emphasis on the environment, recycling of materials and new information technology. While its competitors have shut down their plants, Toyota has managed to open new plants every year. Toyota entered the huge US auto market with its small car in 1957 and sold 287 cars in the first year. Today, Toyota has surpassed the big three US auto makers – GMs, Ford and Chrysler. According to experts, Toyota's success in the global market was primarily because of its state-of-the-art and well-planned operational strategies.