Kiichiro Toyoda: Journey To Transform Family Business Into An Automobile Manufacturing Company

Whenever someone wants to buy a car, few names of famous automobile companies come into mind and Toyota is some of them. A Japanese multinational automotive firm Toyota is considered as tenth largest firm on earth by revenue. As of 2018, it was also the second-largest automobile producers worldwide. In fact, it is a pioneer to manufacture over 10 Million vehicles/Year. Toyota also reported the production of its 200 Millionth Vehicle in 2012. Also, in 2014, it was Japan’s largest listed firm by revenue and market capitalization. 

Kiichiro Toyoda set up the firm after he got inspiration from father. Kiichiro always wanted to chase his dream to manufacture an automobile. But that time, he was considering it as a risk to the family profession. Finally, in 1937 he formed Toyota, an automobile firm in Japan. Kiichiro’s colleagues often mentioned him as a “Japan’s Thomas Edison”.

Glimpse to Founder Life

Early life

He was born on 11 June 1894 in Japan at Aichi Prefecture. His father Sakichi was a well-known businessman. As well, Toyoda Automatic Loom Works’ founder. After his father’s death, Kiichiro’s brother became head of the Loom works business. However, Kiichiro always wanted to chase his dream to set up an automobile manufacturing unit. Thus, he persuaded his brother to invest in the expansion of the family business into an idea of automobiles division. 

Backstory

The family background of Kiichiro was strong enough to support his idea of perusing the automobile business. In fact, the Toyoda family had experienced inventing steam, electric looms, and oil. Also, his father was known to the fact that his son would solidify the mechanical prowess the family had in history. So, he encouraged his son to follow his dream. Finally, the decision of Kiichiro changes the family business’s automatic loom manufacture unit to the automobile manufacturing unit by setting firm in 1937. 

Later Life 

He devoted his whole life to building a strong foundation for the company. It was not an easy journey to transform the structure of the family business. Obviously, he had financial support from the family business. But one needs a belief and strong will to take the risk to alter the business. In 1950, Kiichiro resigned after serving for a long time. However, he died just two years after his resignation in 1952. Unfortunately, he would never know the success that would come to him. Even after a huge loss, the company thrived impeccably.

Achievements

Toyota Motor Corp. introduced the compact Corolla Model in 1966. However, it became the best-selling car in the world as of 1997. In fact, over 35 million models were sold at that time. Also, Toyota focused on developing fuel-efficient models, which later became the center of attraction in America. Additionally, the firm also launched the 4Runner sport utility vehicle as well as Camry compact car. In 1989, the company launched the luxury car Lexus. As of 2001, the company introduced the first-ever mass-produced hybrid vehicle all over the world. However, this vehicle called Prius was introduced in Japan in 1997. Furthermore, the had produced over 100 million vehicles in Japan by the end of the 1990s. 

Later successes 

After Kiichiro’s death, his cousin Eiji Toyoda served to flourish it further. He builds the Kiichiro’s successful expansion into a world-class conglomeration of engineering. Also, he assists in the launch of the most prominent luxury brand in Japan. Today, it is one of the leading automobile manufacturers universally. In the year 2018, Toyota was also the second-largest automobile manufacturer on the earth. Also, the firm set the record to manufacture over 10 Million vehicles/Year.