Toyota abandons 15% global share target
It seemed like a far-fetched goal at that time for Toyota. Now – considering what the auto industry has gone through in the past year - it’s just plain ambitious.
We’re talking about Toyota’s mission to control a 15% share of the global auto market, which it boldly proclaimed back in 2002. At least, that’s what former Toyota president Fujio Cho had in mind. Unfortunately, circumstances beyond its control have forced Toyota to abandon that target.
We’re not blaming the Japanese automakers for dreaming big. After all, the goal was set at a time when the company was experiencing a rapid boom in their business and since they already had an 11% share of the global market at the time, 15% didn’t seem to be that big of a leap.
But ever since the global economy crashed last year, a number of businesses, including the auto industry, have taken a major hit in sales and production. As a result, Toyota’s target has changed to merely cutting its losses.
Once considered the undisputed leader in automotives, Toyota’s share has since dropped 28% with General Motors – another victim of the financial crash – threatening to dethrone Toyota from its perch.