Toyota and Construction of Cost Competitiveness in the 21st Century
Toyota Motor Corp expects to save more than $2.7 billion annually as it's cost-cutting efforts are gaining momentum. Dubbed CCC21 (Construction of Cost Competitiveness in the 21st Century) shaved $9 billion off costs over five years. Toyota has been working on a new cost-saving strategy called "VI" for Value Innovation since 2005. This strategy aims to combine its thousands of components in a car into modules and systems. Toyota's long-term strategy involves developing both global and regional car models in order to compete worldwide with a full line of products.
Other Facts:
In 2002, Toyota had released its 'Global Vision 2010', in which it highlighted, among others, its concern for environmental protection.
In 2004, Toyota had replaced Ford as the second largest automobile manufacturer in the world. By the end of 2006, it was reported that Ford Motor Company would lose its position as the second largest automaker in the US to Toyota Motor Corporation.
Toyota Motor Corporation officially forecast that it would sell 9.34 million cars in 2007 - which could make it the world's largest automaker.