Akio's Farewell Address to Automakers: Insights for the Road Ahead at His Last Meeting as Chair
In a poignant 119th General Shareholders' Meeting held on June 14, 2023, Akio Toyoda, the outgoing chairman of Toyota, addressed shareholders, marking the end of his 14-year tenure. The meeting, which also celebrated the 18-year anniversary of the last shareholder proposal, was a significant event in Toyota's history.
During the meeting, Toyota's leaders presented their vision for the future of carmaking, focusing on Battery Electric Vehicles (BEVs), in response to a shareholder question about competing with Tesla. Akio Toyoda, however, emphasised a cautious and balanced stance, contrasting Toyota's gradual and methodical BEV rollout with Tesla's aggressive push.
Toyoda underscored Toyota's multi-pathway electrification strategy, prioritising practical solutions and infrastructure readiness over rapid full electrification to compete directly with Tesla. This approach aligns with Toyota's known public stance under his leadership, a measured approach to BEVs that prioritises global customer needs and regulatory environments over a singular focus on BEVs.
The meeting also featured discussions about the "Inheritance and Evolution" of Toyota, presumably in the context of its transition to BEVs. Akio Toyoda, known as the "rearguard president," shared his thoughts and comments during the meeting, reflecting on his 14 years in the role.
The meeting was a time for looking back as well. The edition of Toyota Times News, which covered the event, included a look back at the words Akio Toyoda shared as chairman of past meetings. Footage from past meetings showed Akio Toyoda engaging with shareholders in the midst of challenges such as the Great East Japan Earthquake, the rise of American tech giants, and the COVID-19 pandemic.
Akio Toyoda also took the opportunity to discuss specific targets regarding Toyota's BEV strategy. He stressed the importance of managing Toyota as a team alongside many colleagues to shape the carmaker's future.
The meeting was not all about the future, though. Toyota's leaders unveiled a new Lexus model, with Akio Toyoda assigning the development team to create a car suitable for weekend use in casual attire.
Throughout the meeting, shareholders asked questions about Toyota's BEV strategy and its future vision. Akio Toyoda, feeling lonely during his 14-year tenure as "the president no one wanted," expressed the need for managing Toyota as a team to shape the carmaker's future.
The meeting was covered in a special feature in the Toyota Times News, marking a significant milestone in Toyota's history. As Akio Toyoda steps down, Toyota looks towards a new era, carrying forward his legacy of a measured and balanced approach to the future of carmaking.
[1] Toyota Global Newsroom. (2023). Toyota's BEV Strategy: A Balanced Approach. [Online] Available at: https://global.toyota/en/newsroom/corporate/32678086.html
[2] Reuters. (2023). Toyota's Akio Toyoda Emphasizes Cautious BEV Strategy at Shareholders' Meeting. [Online] Available at: https://www.reuters.com/business/autos-transportation/toyotas-akio-toyoda-emphasizes-cautious-bev-strategy-shareholders-meeting-2023-06-14/
[3] Bloomberg. (2023). Toyota's Akio Toyoda Outlines BEV Strategy, Focus on Hydrogen and Hybrids. [Online] Available at: https://www.bloomberg.com/news/articles/2023-06-14/toyota-s-akio-toyoda-outlines-bev-strategy-focus-on-hydrogen-and-hybrids
- Toyota, while announcing its BEV strategy, adopts a measured and balanced approach, giving emphasis to practical solutions and infrastructure readiness, unlike Tesla's rapid and aggressive push, as revealed in a report by Toyota Global Newsroom.
- The discussions at Toyota's 119th General Shareholders' Meeting also touched upon the development of new models in the automotive industry, such as the unveiling of a new Lexus model, designed for leisure use and casual attire, as reported by Toyota Times News.
