Autoblog

Officially Official: Toyota confirms departure from Formula One

Noah Joseph — Wed, 04 Nov 2009 08:00:00 EST

The buck's got to stop somewhere. Toyota has been pouring in hundreds of millions of dollars into its Formula One racing program for seven years now and has little to show for it. Now after both Honda and BMW have mothballed their F1 teams, Toyota has confirmed longstanding speculation by doing the same.

The announcement was not expected for another few days, but with rumors persisting, the Japanese automaker appears to have moved things forward with a press conference held by Akio Toyoda. The president of the Toyota Motor Corporation expressed his gratitude to the team and offered his apologies to those affected by the decision, but revealed that the company could no longer justify supporting the program.

Among the hundreds of personnel the move now leaves stranded, the three racing drivers which the team fielded this season - Timo Glock, Jarno Trulli and Kamui Kobayashi - will now be looking for new race seats with other teams, the latter facing the difficult prospect (despite his impressive performance) of finding a drive without the patronage of a Japanese company, of which exactly zero remain following the departure of Toyota, Honda and Bridgestone. Meanwhile, the team's withdrawal leaves an open slot on the grid next season, potentially to be filled by a BMW-less Sauber team. And with all the resources Toyota has poured into the team, it would not be unrealistic to expect another outfit to step in and acquire its extensive racing operations based in Cologne, Germany.

Follow the jump to read the press release and the full statement from Akio Toyoda.

[Source: Toyota | Image: Mark Thompson/Getty]

Continue reading Officially Official: Toyota confirms departure from Formula One

Officially Official: Toyota confirms departure from Formula One originally appeared on Autoblog on Wed, 04 Nov 2009 08:00:00 EST. Please see our terms for use of feeds.

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Toyota reverses decision, chooses to again seek quality over market share

Michael Harley — Tue, 11 Aug 2009 17:33:00 EST

Filed under: Plants/Manufacturing, Toyota, Earnings/Financials

It was back in 2002 when Fujio Cho, then-President of Toyota Motor Corp., set the company's goal of achieving a 15 percent share of the global automotive market sometime after 2010. Seven years ago, it didn't seem much of a stretch as the automaker had already captured 10.7 percent, and the seemingly-unstoppable company was rapidly growing.

While the Japanese automaker's train hasn't completely derailed, the self-imposed deadline looms and Toyota is reeling through a global slump that has served the company its first loss in decades. With market share taking a back seat to survival, current Toyota President Akio Toyoda (right) has dumped Cho's goal in favor of a back-to-basics focus on quality. And, nobody needs to point out that the automaker's latest forecast represents a production decline of nearly one million units compared to last year. An anonymous company executive summed the new president's directive up in just seven words: "Our president doesn't like figures or documents."

[Source: Automotive News - Sub. Req.]

Toyota reverses decision, chooses to again seek quality over market share originally appeared on Autoblog on Tue, 11 Aug 2009 17:33:00 EST. Please see our terms for use of feeds.

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REPORT: Toyoda says Lexus LF-A on time and headed for America, reconfirms Toyobaru

Jeremy Korzeniewski — Thu, 06 Aug 2009 19:58:00 EST

Filed under: Coupe, Performance, Toyota

Lexus LF-A Concept - Click above for a high-res image gallery

There's a new sheriff in town at Toyota, and he's wasting no time in making his presence felt at the World's Largest Automaker. Fortunately, that finally means a return to building fun-to-drive cars after years of offering virtually nothing to tempt the enthusiast market. We can only hope that some of that sporting DNA finds its way into the rest of the automaker's staid lineup as well.

"The severe drop in the economy and auto market has created some of the most challenging times Toyota has ever faced," says new Toyota Prez Akio Toyoda. "I aim to take us back to what made Toyota successful for many years - making high-quality products at an affordable price."

According to Toyoda, two of the most eagerly anticipated (non-hybrid) vehicles from Toyota in years are moving ahead at full steam. First of all, the seemingly forever-delayed Lexus LF-A sportscar is back on track and headed Stateside. Secondly, Toyoda reconfirmed earlier reports that the planned affordable sportscar made in partnership with Subaru is on its way within the next few years. Finally, change we can believe in!

Gallery: Lexus LF-A Concept

[Source: Wall Street Journal - Sub. Req'd]

REPORT: Toyoda says Lexus LF-A on time and headed for America, reconfirms Toyobaru originally appeared on Autoblog on Thu, 06 Aug 2009 19:58:00 EST. Please see our terms for use of feeds.

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New Toyota CEO takes 30% pay cut, sees no recovery for two years

Michael Harley — Thu, 25 Jun 2009 16:31:00 EST

Filed under: Japan, Toyota, Earnings/Financials

Akio Toyoda, the new President of Toyota and grandson of company founder Kiichiro Toyoda, is predicting another two years of tough times for the auto industry. In order to stay afloat, the Japanese automaker, under the direction of Toyoda, will build more autonomous operations in North America and concentrate on a more region-specific lineup to help the company pull through the recession.

While the company will be steered "back to basics," the changes will not involve plant closures - Toyota wants to make sure it retains capacity for when the market bounces back. Toyoda will also personally take a 30% pay cut this year. "The new Toyota sets sail in very stormy waters," said Toyoda at his first news conference. "But right now we're working at full speed to cut costs and jump-start sales with the support of various government incentives being rolled out... We want to do everything possible to avoid a third consecutive year of losses."

[Sources: Reuters / Reuters]

New Toyota CEO takes 30% pay cut, sees no recovery for two years originally appeared on Autoblog on Thu, 25 Jun 2009 16:31:00 EST. Please see our terms for use of feeds.

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REPORT: Toyoda wonders aloud if Toyota has faltered by following GM's lead

Chris Shunk — Mon, 22 Jun 2009 11:28:00 EST

Filed under: Toyota

During the reign of company President Katsuaki Watanabe, Toyota became the number one automaker in the world, along with amassing $52 billion in cash and marketable securities. That sounds like one of the most amazing runs in the history of the automotive industry, but it's more than a little disappointing to company scion Shoichiro Toyoda.

The 84 year-old Toyoda is apparently the mild-mannered type, but Bloomberg is reporting that he read the riot act to Watanabe and his fellow execs. The news agency's sources say that Toyoda railed Watanabe for being "so anxious to boost sales and profits that he'd let Toyota emulate bankrupt General Motors." Toyoda also reportedly chastised execs for becoming too dependent on large and expensive cars, trucks and SUVs, saying, "customers need to save money."

Toyota may have made $17.7 billion in 2007, but the $4.5 billion it lost in 2008 and the $5.7 billion it expects to shed in 2009 shows that Toyoda may be on to something. If the company is to turn around in the next few years, though, it'll have to come at the hand of another Toyoda. Shoichiro's son Akio takes over as president on Tuesday.

[Source: Bloomberg | Image Source: AFP/Getty]

REPORT: Toyoda wonders aloud if Toyota has faltered by following GM's lead originally appeared on Autoblog on Mon, 22 Jun 2009 11:28:00 EST. Please see our terms for use of feeds.

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Lexus LF-A dons new livery ahead of Nürburgring 24-hour race

Alex Nunez — Wed, 20 May 2009 16:57:00 EST

Filed under: Motorsports, Performance, Supercars, Lexus

Click above for a hi-res gallery of the Lexus LF-A Nürburgring 24 racer

This time last year, the Lexus LF-A that competed in the ADAC Nürburgring 24 wore a decidedly un-glamorous "test-mule matte black" finish. This year, Toyota's entering two of its ten-cylinder supercars in the race, and as we inch closer to the Lexus LF-A's eventual production debut, it would seem that the automaker is looking to give the race-trimmed version a more formalized livery -- white up front, with a brush-stroke transition to satin black in the rear. Probably a good idea, seeing as Toyota's new head honcho, Akio Toyoda, is on one of the driver teams. Can't have the big boss rolling like every other test engineer who laps the 'Ring with this monster.

The production headlamp shape is cleverly hidden, though if you look closely, you can see the familial, knife-shaped panels that outline the spots where the production lenses will reside. And while there's a lower intake above the racer's front splitter, there's no grillework to speak of on the actual nose itself -- just a mail-slot-sized opening above the bumper.

It'll be interesting to see how hard Toyota pushes the LF-As this weekend. Given that the new corporate chieftan is one of the wheelmen, and that Toyota's obviously going for a much more "official" presence at this year's race, one wonders whether they're actually going to try and win it outright. A lot can happen during these 24-hour events, so there are no guarantees, but we have a feeling the web stream's going to be a worthwhile watch. And lord knows the fans in attendance are in for an aural delight as the Lexus supercoupes storm down the track.

Gallery: 2009 Lexus LF-A Nurburgring 24 Livery

Lexus LF-A dons new livery ahead of Nürburgring 24-hour race originally appeared on Autoblog on Wed, 20 May 2009 16:57:00 EST. Please see our terms for use of feeds.

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Toyota's drastic overhaul to reportedly replace 40% of management

Michael Harley — Fri, 15 May 2009 16:27:00 EST

Filed under: Hirings/Firings/Layoffs, Japan, Toyota, Earnings/Financials

In an effort to slow the crash, Toyota Motor Corp. is undertaking a massive overhaul and management reorganization next month when Akio Toyoda takes over as president. Toyoda, the grandson of Toyota's founder, will be officially appointed on June 23 at the annual shareholder's meeting. With the new president in place, the Financial Times is reporting that the company will replace 40% of its senior managers and bring back Yoshimi Inaba, a former senior executive, to lead U.S. operations.

While the Japanese automaker is reportedly working on slashing costs by $8.22 billion, it reported the first operating cost in its 71-year history last week. As further evidence of the company's struggle in today's marketplace, Toyota's net loss of $7.87 billion in the latest quarter exceeding even GM's net loss of $5.97 billion during the same period.

[Source: Automotive News - Sub. Req. | Source Image: Kazuhiro Nogi/AFP/Getty Images]

Toyota's drastic overhaul to reportedly replace 40% of management originally appeared on Autoblog on Fri, 15 May 2009 16:27:00 EST. Please see our terms for use of feeds.

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New Toyota chief to race in Nürburgring 24

Alex Nunez — Sun, 26 Apr 2009 09:09:00 EST

Filed under: Motorsports, Performance, Japan, Supercars, Lexus

Click above for a larger view of the Lexus LF-A's 2009 Nürburgring 24 livery

Toyota scion (pun intended) and new company president Akio Toyoda will don a helmet and Nomex late next month as his company returns to Germany to compete in the annual Nurburgring 24-hour endurance race. Toyoda will be part of the four-driver lineup taking the wheel of the Lexus LF-A (hey, remember that?) as part of its ongoing (and seemingly endless) development. Unlike last year, when the LF-A showed up to race in plain 'ol development-mule matte black, Toyota's got a more proper race livery planned for this year's event (see above). After all, we can't have the boss rolling like every other test engineer, can we? Thanks, Dom!

Gallery: 2009 Lexus LF-A Nurburgring 24 Livery

[Source: AP via The Japan Times]

New Toyota chief to race in Nürburgring 24 originally appeared on Autoblog on Sun, 26 Apr 2009 09:09:00 EST. Please see our terms for use of feeds.

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REPORT: Toyoda family stock shares take $449M hit

Chris Shunk — Wed, 25 Mar 2009 08:28:00 EST

Filed under: Trends, Toyota, Earnings/Financials

The Toyoda family has felt the pinch of the global automotive crash in the worst possible place: their wallets. Toyota share prices have plummeted by a very substantial 46% in the past nine months, costing the Toyoda family hundreds of millions of dollars. Soon-to-be company president Akio Toyoda's 4.6 million Toyota shares has dropped $145 million; a fantastic decline, but less than half of his father's loss. Former company president and honorary chairman Shoichiro Toyoda has lost $304 million during the past nine months - enough money to buy over 10,000 loaded Camrys.

The Toyodas have a great deal of stock in the company Kiichiro Toyoda founded, yet the family only owns 0.8% off all shares. And while the Toyodas have lost quite a bit of stock value, the company scions aren't likely to sell off their shares. That means the family probably won't lose much real wealth in the long term, though a potential dividend cut could still cost the Toyoda's millions. Bloomberg expects Akio and Shoichiro to lose about $20 million in 2009 dividend payments, or enough money to make even the wealthiest automotive scions really, really sad.

[Source: Bloomberg]

REPORT: Toyoda family stock shares take $449M hit originally appeared on Autoblog on Wed, 25 Mar 2009 08:28:00 EST. Please see our terms for use of feeds.

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All in the family: Toyoda grandson to take top job

Frank Filipponio — Fri, 09 Jan 2009 16:28:00 EST

Filed under: Hirings/Firings/Layoffs, Toyota

The Associated Press is reporting that Toyota will once again have a Toyoda at the helm before long. Akio Toyoda, the 52-year-old grandson of Toyota Motor Corp's founder, Kiichiro Toyoda, is reportedly about to be voted in by the board. If everything goes as planned, he will officially take over the presidency in June. It will be the first time in 14 years that a Toyoda will lead the company, but Akio isn't your father's Toyoda. He is known for being a lot more laid-back than the typical Japanese executive, which might help rejuvenate the company.

Current president Katsuaki Watanabe is on his way out as Toyota faces its first projected operating loss in the company's 70-year history. Just like the rest of the world, Toyota sales have slumped and the automaker has had to cut production and lay off temporary workers. Although Toyota remains predictably tight-lipped on the move, it's expected that Watanabe will become a vice chairman, with current chairman Fujio Cho keeping that position. Toyoda has been an executive vice president since 2005, so this "prince" (as the Japanese media call him) should be well-prepared for the job. Thanks for the tip, Jarrett!

[Source: Associated Press]

All in the family: Toyoda grandson to take top job originally appeared on Autoblog on Fri, 09 Jan 2009 16:28:00 EST. Please see our terms for use of feeds.

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Real car guy poised to take the wheel at Toyota

Frank Filipponio — Thu, 23 Aug 2007 16:03:00 EST

Filed under: Motorsports, Hirings/Firings/Layoffs, Toyota

Akio Toyoda is the grandson of Toyota founder Kiichiro Toyoda. He is also the current executive vice president in charge of domestic market Toyota sales. He also piloted a rally class Celica up the hill at Goodwood and a Team Gazoo Toyota Altezza (Lexus IS300) in the Nürburgring 24 Hours. Although he couldn't quite match Aston Martin's Dr. Bez for top executive racer at the 'Ring, he takes his racing just as seriously. And why should we care about some Toyota exec who likes to race on weekends? Because Akio is one of the guys behind the new "interesting cars" department inside Toyota. In fact, he's the head of that unit, which bodes well for enthusiasts who have lamented the lack of passion in the Japanese automaker's products. He is also rumored to be next in line to take over presidency of the whole company. Good news for all.

[Source: Winding Road]

Real car guy poised to take the wheel at Toyota originally appeared on Autoblog on Thu, 23 Aug 2007 16:03:00 EST. Please see our terms for use of feeds.

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