The world's largest carmaker lost $4.5 billion in the fiscal year that ended March 31, and is forecasting an even greater loss for the current fiscal year. Toyoda — the family name is spelled with a "D" — told reporters he was beginning his regime "in a storm," saying the company had hit "rock bottom." He said Toyota and the rest of the industry face at least two more "difficult" years.
As part of a companywide management reorganization, Toyoda has established a regional structure, with executive vice presidents heading up Japan, North America, Europe and emerging markets, including China, India and Brazil.
Toyoda said the company is reviewing its product lineup in each region and will tailor those portfolios more specifically to local market demands, rather than providing a broad product range across the globe.
Inside Line says: Educated in Japan and the U.S., plus having completed a management stint in China, Akio Toyoda is the first family member with broad international experience to run the company. — Paul Lienert, Correspondent
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