Jiji PressTOYOTA, Aichi (Jiji Press) — Toyota Motor Corp. will focus more on new technology development to survive a drastic automobile industry transformation, President Akio Toyoda suggested on Thursday.
“The automobile industry is in the midst of a once-in-a-century transformation and we want to build a mobility society of the future,” Toyoda said at a general shareholders meeting at the automaker’s headquarters in the city of Toyota, Aichi Prefecture.
Toyoda, who marked the 10th anniversary of his presidency at Toyota this month, thus expressed his eagerness to pursue a new corporate model by focusing on the development of electric vehicle, autonomous driving and other next-generation technologies.
At the meeting, the company reported the results of its consolidated earnings for the fiscal year that ended in March. In the year, Toyota became the first Japanese company to report consolidated sales of over ¥30 trillion, with the group’s global vehicle sales hitting a record high of 10.6 million units.
Shareholders gave their approval for a proposal to raise the ceiling on the total annual pay, including bonuses, of Toyota board directors to ¥7 billion from the current ¥4 billion, a measure intended to secure talented personnel.
The ¥7 billion breaks down into ¥3 billion in cash pay and a newly created quota for Toyota shares worth ¥4 billion. The provision of own shares reflects the company’s aim to strengthen its competitiveness in the medium- and long-term by introducing a system to boost pay in parallel with share price hikes.