Toyota’s President and CEO, Akio Toyoda, said that he traces the automaker’s quality and financial woes to 2003, when the company began its ambitious global expansion. He said that winning over new customers in the wake of the company’s recall crisis will be a huge challenge.
Speaking to Automotive News over the weekend, the publicity-shy Toyoda said he wants to scale back on the incentives that have led to record U.S. sales this year and revive what he calls a “neglected” Scion brand (which we’re guessing is due to the fact that Scion hasn’t come in under any negative headlines).
“In 2003, we surpassed the 6 million sales mark, and after that the rate of increase kept growing,” Toyoda said. “We look at that as the turning point. When we hit the 6 million mark, we maybe couldn’t apply the Toyota Way as thoroughly as we should have”
Toyoda also said that its best-selling models like the Camry sedan are also facing pressure from Ford, GM and Hyundai, which now rival his company in performance.
– By: Omar Rana
Source: Automotive News (Subscription Required)