Toyota has begun slashing costs, starting with sales and marketing, and shifting resources into research that will help it keep up with new competitors, Reuters reported, citing people familiar with the matter.
Toyota's high-performance division is hatching plans to produce a "Super Sports Car" for the upcoming hypercar class in the World Endurance Championship, with a hybrid powerplant and an eye-watering horsepower output.
Toyota kept its title as the world's most valuable car brand while Mercedes passed BMW to finish No. 2 in an annual ranking by market researcher Kantar Millward Brown. Tesla increased its brand value 60 percent to get within striking distance of Audi.
Toyota plans to build a plant to manufacture hydrogen fuel cell stacks, a key component of fuel cell vehicles, as it seeks to increase global annual sales of the vehicles to at least 30,000 from 3,000 now.
David Christ, who switched from the Toyota Division to Lexus at the start of this year, will succeed his boss, Jeff Bracken, who is retiring as head of Lexus' United States operations after 40 years with Toyota.
Toyota is taking an unprecedented route to meet China's stringent green car quotas: Its showrooms will sell an EV without the Japanese company's triple-oval logo and instead will feature the label of GAC Motor, Toyota's China partner.
Toyota North America CEO Jim Lentz says the automaker is eyeballing opportunities in passenger cars as rivals exit the segment. He also explains why there may be comfort in a shortage of Tacoma pickups and why being a laggard in EVs now won't hurt in the long run.
Toyota profit surged 43 percent in the latest quarter as cost cutting, lower incentives and falling warranty expenses offset unfavorable foreign exchange rates and helped pilot the automaker to a record full-year net income.