Toyota Named Most Admired Automotive Company in Fortune Magazine Survey
9 October 1997
Toyota Named Most Admired Automotive Company in Fortune Magazine SurveyNEW YORK, Oct. 9 -- Fortune magazine named Toyota Motor Corporation one of the world's most admired companies and the top company in the automotive category in its first ever ranking of the world's most admired companies. The article will appear in the October 27, 1997 issue of Fortune Magazine. Toyota came out on top in the motor vehicles and parts category based on eight criteria, including "innovativeness, overall quality of management, value as a long-term investment, responsibility to the community and the environment, ability to attract and keep talented people, quality of products and services, financial soundness, wise use of corporate assets . . . [and] effectiveness in doing business globally." "I know that I speak for all of Toyota when I say that we are honored to be named the 'most admired' auto manufacturer on a global level, particularly knowing that this opinion comes from a survey of people involved in the auto industry," said Takeshi Nagaya, President, Toyota Motor Corporate Services. "However, we will not rest on these laurels. We intend to continue our quest to provide even better performance for our customers, employees, and all stakeholders in Toyota around the world." Toyota has been dedicated to the localization of its global production. Two years ago Toyota announced a global business plan. Toyota's ambitious plans to increase its operating profit, cut costs, and expand global manufacturing to six million units per year are right on track. In the United States, Toyota's local production capacity will be further enhanced when its two new facilities open in 1998. Toyota Motor Manufacturing, Indiana (TMMI) in Princeton will produce the T100 truck and have an initial capacity of 100,000 units and employ approximately 1,300 people. Also, Toyota Motor Manufacturing, West Virginia, (TMMWV) in Buffalo will begin to produce 4-cylinder engines for North American-built Corollas in late 1998. It will have an annual production capacity of 300,000 units and employ approximately 300 people. "Toyota's 20,000 strong American workforce played a major part in earning this recognition," concluded Mr. Nagaya. "They all should be very proud." SOURCE Toyota Motor Corporation