Toyota Motor Co

Toyota Motor Corp (TYO: 7203) is a leading manufacturer of automobiles in the world (ranked #1 in 2021 based on total revenue). Originally commencing operations as the automobile arm of Toyota Industries Corporation, the company was established as a separate entity in 1937. The merger of Toyota Motor Company and Toyota Motor Sales in 1982 saw the formation of the current entity, Toyota Motor Corp. The company has been consistently ranked within the top20 of Fortune 500 Global top 50.

Toyota (primarily) offers automobiles under two value propositions: the core Toyota brand catering to the mass market and the Lexus brand targeting the premium market. Additionally, it makes and sells mini-cars and mini-trucks under the Daihatsu label and commercial vehicles under the Hino label, targeting the home market of Japan. Total unit sales for FY2023 were over 8.8 million, with hybrid models accounting for 28%. The company generated revenue of JPY 37.2 trillion in FY2023.

North America, Japan, and the rest of Asia are the three largest markets for Toyota, contributing to 27%, 24%, and 20% of total unit sales in FY2023 , respectively. In China, the automaker operates via JVs with China FAW Group Corporation and Guangzhou Automobile Group for locally produced vehicles, while the Lexus brand is imported into the country. In China, Toyota plans to launch two models of locally developed battery electric vehicles (BEVs) in 2024, fit to the local needs. Toyota targets modest bottom-line growth of 5.2% for FY2024 while investing heavily in battery EVs over the medium term. The company targets to sell 3.5 million battery EV models by 2030 and achieve carbon neutrality by 2050.