In a press conference, Toyota mentions that with the current COVID-19 crisis, the company had a decrease in vehicle sales of 1.95 million units. That is a 20% decrease for the company, which is more than the decrease that they had during the global financial crisis. However, amid this decrease, Toyota still sees an operating income of 500 billion Yen.
That income is the result the company having been able to strengthen their corporate composition.
Above all these, Toyota also mentioned that they will continue their domestic production of 3 million vehicles a year. They are doing this not just to protect Toyota but also to protect the enormous related supply chains and the jobs of the people involved.
One element of “Monozukuri” (production) is “Making things means making people” which is why Toyota believes that people are not costs but instead they are the source of continuous improvement and driving force for the growth and development of a production.
Many companies had no choice but to let go of their employees or even shut down permanently due to the economic impact of COVID-19. Thankfully, there is one less organization who is against this despite the aftermath that follows.
Photo Credit: Toyota Official Website