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Future automakers warned by outgoing Carmakers Association chair, Akio, during his final meeting.

Gathering recap of the final General Shareholders' Meeting presided over by Akio Toyoda, encompassing a reflection on his tenure in the position.

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Akio's Farewell Address to Automakers for the Future as Outgoing Chairman at Recent Gathering
Akio's Farewell Address to Automakers for the Future as Outgoing Chairman at Recent Gathering

Future automakers warned by outgoing Carmakers Association chair, Akio, during his final meeting.

At the 119th General Shareholders' Meeting of Toyota, held on June 14, 2023, Akio Toyoda, the company's chairman, addressed the gathering with a focus on the future of the automobile industry and Toyota's role within it.

Emphasizing Quality and Reliability in the Age of Electrification

Toyoda reiterated Toyota's commitment to advancing electrification and intelligent vehicle technologies while maintaining a careful balance of product quality and customer trust. He acknowledged the challenges the company faces, such as certification issues and long delivery times, and highlighted ongoing cultural reforms within the company to improve operational processes and collaboration between employees and dealerships.

A Cautious but Determined Approach to BEVs

Regarding Toyota's Battery Electric Vehicle (BEV) strategy, Toyoda's remarks indicated a cautious but determined approach. He recognised the growing competition in electrification but stressed Toyota’s pursuit of excellence through gradual, careful development rather than rushing to catch up with competitors. This approach reflects Toyota’s traditional philosophy of continuous improvement and long-term reliability.

Maintaining Competitiveness in the EV Landscape

Toyoda did not directly call out Tesla, but his comments implied that Toyota is aware of the changing landscape and the need to innovate. Toyota plans to leverage its strengths in the Toyota Production System (TPS) and deep cultural transformation to maintain competitiveness in the evolving electric vehicle market. The company’s strategy involves reinforcing its expertise while developing intelligence and electrification technologies to meet future mobility needs.

Collaboration and Overcoming Challenges

Overall, Toyoda’s key thoughts during the meeting centered on sustaining Toyota’s reputation for quality and reliability amid growing electrification and competition, pursuing a patient and pragmatic BEV rollout, and reinforcing a collaborative company culture to overcome technical and operational challenges.

Looking Back and Looking Forward

The meeting also looked back at the words Akio Toyoda shared as chairman of past meetings and reflected on his 14 years at the helm of Toyota. A new Lexus model was unveiled during the meeting in Milan, Italy, showcasing Toyota's commitment to innovation and design.

The Future of Car Manufacturing

There was a focus on how carmaking might look in the hands of BEV-loving engineers, with Toyota leaders presenting their vision for the company's BEV strategy, along with specific targets. Shareholders asked questions about Toyota's future, including its BEV strategy and vision for the future.

A New Era for Toyota

As Akio Toyoda heads into his last shareholders' meeting as chair, questions about whether Toyota can beat Tesla continue to circulate. However, Toyota's commitment to its traditional values, combined with a forward-thinking approach to technology and innovation, suggests that the company is well-positioned to compete in the evolving automotive landscape.

[1] Source: Nikkei Asia [2] Source: Bloomberg [3] Source: Reuters [4] Source: Automotive News Europe

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