The Story of Sakichi Toyoda
Sakichi Toyoda, the founder of Toyota Industries Corporation, possessed a strong ambition to contribute to society from his days as a youth. He had devoted his 63-year-long life to invention.
Since its founding in 1926, Toyota Industries has engaged in the Textile Machinery Business. Beginning from the 1950s, we constantly took on new challenges to ensure the stability of our management foundation by extending our reach into such business fields as engine production, vehicle assembly and the development and production of lift trucks and car air-conditioning compressors. At the same time, we also commenced full-scale operations outside Japan. Later in the 2010s, we promoted a "concentration and selection" strategy with a focus on ensuring "affinity" with a Material Handling Equipment Business and automobile-related businesses. Throughout our history of evolution and development spanning more than 90 years, the founding spirit encapsulated in the Toyoda Precepts (corporate creed) has been a constant source of support and inspiration for our risk-taking challenges into the new business and markets.
In recent years, considerable changes have occurred in the external environment, leaving a significant impact on our business strategy. For example, a rapid rise in the industrial use of artificial intelligence (AI), big data, the Internet of Things (IoT), robotics and other cutting-edge technologies. On the risk front, we can no longer ignore the heightened geographical risks as seen in frequent trade disputes and regional conflicts. Another change involves expanding social demands for non-financial activities of companies to deal with environmental, social and governance (ESG) factors, now deemed integral to corporate growth, and to achieve the United Nations' Sustainable Development Goals (SDGs) representing 17 goals and 169 targets for sustainable world. These social demands have promoted companies to alter their corporate behavior.
Under these environments, Toyota Industries seeks to contribute to society 20 to 30 years into the future while sustaining our own growth. From this medium- to long-term perspective, we revised our vision and updated it to Vision 2030.
Since its founding, Toyota Industries has constantly endeavored to "contribute to regional living conditions and social prosperity" as one tenet under its Basic Philosophy that embraces the Toyoda Precepts. As our approach corresponds with the objective of the SDGs, we clearly state the concept in the new vision and will seek sustainable growth in harmony with society.
Currently, Toyota Industries is implementing initiatives to encourage individual employees to fully understand the concept behind the new vision and put this into practice in their respective positions. Determined to meet the expectations of our stakeholders, I will work along with all employees to achieve growth by fulfilling the vision to contribute to society.
Akira Onishi, President