2008 Toyota Tacoma Prerunner Double Cab on 2040-cars

Auto blog

Toyota says president, chairman of scandal-hit Daihatsu unit to step down

TOKYO — Toyota Motor Corp said on Tuesday both the president and chairman of Daihatsu Motor will step down almost a year after the small-car unit said it had rigged collision safety-tests. The departures are among the most drastic changes Daihatsu has made so far, as Toyota seeks to return the brand to its roots as one of Japan's most iconic compact car makers. Toyota faces a potential hit to its reputation from the safety certification lapses at Daihatsu, as well as separate governance issues at truck maker Hino Motors and affiliate Toyota Industries. The scandals at the three companies triggered a rare apology of Toyota Chairman Akio Toyoda last month. In a statement, the world's top-selling automaker said its chief executive officer for the Latin America and Caribbean region, Masahiro Inoue, will replace Soichiro Okudaira as Daihatsu's president effective March 1. Daihatsu's chairman, Sunao Matsubayashi, will also step down and will not be replaced, Toyota added. The outgoing Okudaira had worked at Toyota for nearly four decades before becoming president of Daihatsu in 2017, a year after it became a wholly owned Toyota subsidiary. Toyota Chief Executive Koji Sato told reporters, however, that the organizational change at Daihatsu was not carried out as a punishment for the outgoing executives. In volume terms, Daihatsu accounted for 7% of Toyota's total group sales of 11.2 million vehicles in 2023, including those of the luxury Lexus brand and Hino Motors. Given the misconduct over the safety test certification applications, Daihatsu also will be removed from a commercial vehicle partnership known as the Commercial Japan Partnership Technologies (CJPT), the automaker said in a separate statement. The partnership was established in April 2021 by Toyota, Hino and Isuzu Motors to facilitate technology development for commercial vehicles. Suzuki Motor and Daihatsu joined in July the same year. Daihatsu's 10% equity stake in the partnership will be transferred to Toyota, the statement said. (Reporting by Daniel Leussink and Satoshi Sugiyama; Editing by Kim Coghill & Shri Navaratnam and Miral Fahmy) Government/Legal Hirings/Firings/Layoffs Plants/Manufacturing Toyota Daihatsu

Toyota nears $40B cash reserve as calls grow for new investment, payouts

With the April 15 tax deadline just a few months away, our US readers will be faced with a decision should they get a refund: save or spend? It seems this issue is one many of us face whenever there's a windfall, trying to decide whether we should set the money aside in an account of some sort or use it as a down payment on a new car or a trip to the Apple store. Unsurprisingly, major corporations face a similar, albeit more complex, issue.
Take Toyota, for example. With President Akio Toyoda at the helm, the Japanese manufacturer has gracefully weathered recalls and natural disasters, all while turning beaucoup profits. Last quarter, profits quintupled to 434.4-billion yen ($4.3-billion USD), according to Bloomberg. Toyota also upped its forecast for the end of fiscal year 2013 (which ends on March 31 for Japan), to a record 1.9-trillion yen (about $18.8 billion). Now, the Japanese brand is reportedly sitting on a cash pile of nearly $40 billion, leaving Toyoda-san in an envious predicament - what should the company do with all that money?
Some think Toyota should be doing something, anything with that big stack of cash.

Report: Daihatsu leaving European market

More than any other, two carmaking giants sit at the top of the industry: Toyota and General Motors. But while GM sells under a (shrinking but still) expansive range of brands, the Toyota Motor Corporation sells most of its vehicles under its own name. That doesn't mean that Toyota, however, doesn't have its own portfolio of subsidiaries. Here in the United States we have the youth-oriented Scion division, while Lexus handles its upscale offerings, and overseas there's Daihatsu.
The budget brand offers a range of small cars under its own name; most are hatchbacks, but there's also the Copen roadster and even a rebadged Camry called the Altis. You may have come across some of their offerings while traveling overseas, particularly in Europe, but that last part is about to come to an end, according to reports.
Word from across the pond is that Toyota plans to withdraw Daihatsu from the European market altogether. The move would reportedly take effect in 2013, and if it comes to pass, would follow similar withdrawals from the North American (1992) and Australian (2006) markets. Thanks for the tip, William!