Toyota Motor Company is Moving Forward

Toyota Motor Company is one of the largest producers of automobiles in the world. In 2010, Toyota ranked first in the world for the most number of automobiles produced worldwide with 8.6 million units. The company has diversified in recent years and has created the Toyota Financial Services to take care of the business of financial services. The company is also into robotics.

The company started as a segment of Toyoda Automatic Loom Works in 1933. The segment was established to produce automobiles under the command of Kiichiro Toyoda, the founder’s son. The segment was created as an independent company in 1937 and was known as Toyota Motor Company.

Initially, the automobiles produced by the company carried the brand name “Toyoda” which literally means “fertile rice paddies”. In September 1936, a contest was launched for a new company logo design. The winning entry was composed of three Japanese katanaka letters which represented “Toyoda” in circles. But Risaburō Toyoda who married a member of the Toyoda family preferred “Toyota” because it is simpler to write in Japanese (Toyota looks like number “8,” a lucky number for the Japanese). The new named was trademarked and the company was incorporated as Toyota Motor Company in August 1937.

Toyota received its first Japanese Quality Control Award in the early 80s. This was due in part to the effect of the 1973 oil crisis. The US market started to look for small cars to save on fuel.

In 1984, Toyota and General Motors forged a joint venture known as NUMMI or New United Motor Manufacturing Inc. A plant owned by General Motors in Fremont, California that had been out of operations for two years. New brands were later established by Toyota by the end of the 80s, including their luxury line Lexus in 1989.

As the company entered the 90s, Toyota started producing cars bigger and more luxurious than their compact cars. Added to Toyota’s product portfolio were the full-sized pick-up truck T100 (later known as Tundra); several models of SUVs; Camry Solara, which the sport version of Camry; Scion; and other high-quality but affordable lines of cars that targeted the young adults. Prius the company’s hybrid car was also produced in 1997.

Toyota is also the recipient of several awards, including “Truck of the Year Award” for Tundra and “Car of the Year Award” for Camry in 2007 which was awarded by Motor Trend.