Toyota’s New President Vows to Maintain Development Policy

Toyota, Aichi Pref., June 17 (Jiji Press)–Toyota Motor Corp.’s new president, Kenta Kon, vowed on Wednesday to maintain the company’s policy of creating “ever-better cars,” established by Chairman Akio Toyoda. “Together with my colleagues, I want to continue to pursue, think about and work on better cars,” Kon, who took office in April, said at an annual meeting of Toyota shareholders at the company’s headquarters in the central Japan city of Toyota, Aichi Prefecture. At the meeting, shareholders approved the management’s nominations of six directors, including Toyoda and Kon. Shareholders focused on how Toyota plans to strengthen its earning power amid challenges from U.S. President Donald Trump’s high tariff policy, rising raw materials prices and production cuts due to tensions in the Middle East. While continuing to enjoy solid demand for its hybrid vehicles, Toyota has decided to stop developing some next-generation electric vehicle models due to sluggish growth in the global EV market. END [Copyright The Jiji Press, Ltd.]