Toyota Motor Corporation (TMC) is a remarkable name in automobile industry. It is commonly known as Toyota with its headquarters located in Toyota, in Aichi, Japan. Based on sales and production, Toyota is regarded as the world’s largest automakers that hired 317,734 workers in 2010.
Kiichrio Toyoda founded the company back in 1937 as a by-product of his father’s company, Toyota Industries to manufacture automobiles. Three years before the establishment of the company, while still being department of Toyota Industries, I manufactured its first Type An engine in 1934 while manufactured its first passenger vehicle, Toyota AA in 1936. Toyota Motor Corporation is a group of several companies including Toyota, Lexus, Daihatsu and Hino Motors as well as many non-automotive companies. In fact, TMC is a part of the Toyota Group, which is among the largest group worldwide.
Apart from manufacturing automobiles, the company is involved in providing financial services via its Toyota Financial Services division as well as builds robots also.
Earlier, the vehicles were sold under the family name, i.e. Toyoda. However, the company held a public competition in 1936 with a view to find a new design for its logo. The company received 27,000 entries and the entry that stood out of the rest was a three Japanese katakana encircled letters for Toyoda. However, Risaburo Toyoda opted for ‘Toyota’ as it took eight brush strokes to write in Japanese. Another reason why Toyoda opted out was its Japanese meaning of ‘fertile rice paddies’. To prevent the companies name to be associated with old-fashioned farming new name preferred. The company was formally registered as ‘Toyota Motor Company’ in 1937.
The company sold its small-sized cars under the name ‘Toyopet’ from September, 1947 onwards. The first of this kind was Toyopet SA. Later, the company revealed Toyopet SB light truck, Toyopet Stout light truck, Toyopet Crown and the Toyopet Corona. The company entered in the American market in 1957 but the name of the brands didn’t get much appreciation. Hence the name was dropped within a short time particularly for the American market while the name continued to be use in other parts until 1960s. Toyota Corolla is one of the most famous and best selling cars worldwide with more than 30 million units sold by now.
In 1980s, Toyota was awarded with first Quality Control Award. By then Toyota was exclusively involved in motorsports. In the early half of 1960s, the US government imposed large taxes on imports on certain vehicles; for instance, Chicken tax of 1964 imposed 24% tax on imported light trucks. This imposition of high taxes forced companies like Nissan Motors, Honda Motors and Toyota Motors to set up plants in the US.
A merger between the Toyota Motor Company and Toyota Motor Sales took place in 1982 and resulted in the formation of Toyota Motor Corporation. The company achieved another landmark two years later by entering into a joint venture with the General Motors as the New United Motor Manufacturing Inc. (NUMMI) and establishing an automobile manufacturing plant in Fremont, California.
With the start of 1990s, Toyota decided to expand its lineup of automobiles from compact cars to some larger and luxurious vehicles such as a full-sized pickup, the T100 (and later the Tundra); several lines of SUVs; a sport version of the Camry, known as the Camry Solara; and the Scion brand. In 1997, Toyota entered into the production of world’s best selling hybrid car, the Prius.
Toyota unveiled a full size truck, the Tundra in 2007 manufactured in American plants of Texas and Indiana.