Toyoda Disappointed in Toyota
As the world’s largest automaker, one can assume that Toyota, as a company, is doing relatively well. Under the watchful gaze of current president Katsuaki Watanabe, the Japanese giant has toppled GM, seen Chrysler thrust asunder, and made $52 billion US along the way.
However, apparently that’s not enough for Shoichiro Toyoda. Having recently held a meeting with Watanabe, Toyoda expressed his displeasure with the manner in which Watanabe has conducted business at the offices that bears Toyoda’s name. A spry 84 years old, Toyoda apparently crucified Watanabe for being too eager to boost sales and profits, and following in the footsteps of General Motors to do so. Becoming reliant on large and luxurious cars, as well as trucks and SUVs, Toyoda is concerned that his company has departed from its affordable-car roots, and the recent losses would seem to demonstrate this: Toyota lost $4.5 billion in 2008, and expects to post a loss of $5.7 billion for 2009.
However, Watanabe’s crucifixion may have been relatively pointless, as today is his last day in charge. Taking over from Watanabe? Shoichiro’s own son, Akio Toyoda.
