Page 63 - Toyota Under Fire

TOYOT A UNDER FIRE

they could see it in their own neighborhoods. As a result, they
were ready and open to taking on the challenge of rapid change.

This analysis guided the formation of Global Vision 2020.
That vision is of Toyota as a firm that integrates the cycles of na-
ture and the cycles of industry. Toyota’s aim over the decade was
to “undertake monozukuri [a Japanese term that means ‘the art
of making things’] that strikes a harmonious balance with nature
in order to carefully sustain the global environment.” The slogan
was to “open the frontiers of tomorrow through the energy of
people and technology.”
The long-term goals of Global Vision 2020 provided direc-
tion on responding to the recession—which investments were
appropriate and in line with the company’s long-term vision, and
which were not. Global Vision 2020 set the agenda for R&D
as a focus on fuel-efficient, environmentally friendly vehicles.
Toyota’s existing investments in hybrid technologies, including
battery systems, electric motors, and other technology, as well
as in alternative fuels like hydrogen, would be ramped up. The
company would also seek partnerships with other leaders in
the space—eventually leading to an investment in and partner-
ship with Tesla Motors, a niche but fast-rising manufacturer of
all-electric vehicles.
Concurrently with the work to develop Global Vision 2020,
the board’s Emergency Profit Improvement Committee initiated
efforts to return the company to profitability as quickly as pos-
sible by reducing costs, adjusting production volumes, and ad-
dressing other newly revealed vulnerabilities and weaknesses of
the company.
Obviously one of the chief areas of focus was Toyota’s manu-
facturing plants, which account for a major proportion of the

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