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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. This site uses Akismet to reduce spam. Learn how your comment data is processed. More investors are holding bitcoin for wealth preservation.
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More of consolidation now as investors buy into good stocks that have a light at the end of the tunnel. Connect with us. Share Tweet. Olumide Adesina. Yahaya shuaibu August 31, at pm. Pls my dear help me with some hint about this plat form. Leave a Reply Cancel reply Your email address will not be published.
Comment Name Email Website. Published 4 days ago on November 24, Oxide Bronze with or without a black roof and Magnetic Gray Metallic with a black roof are new. Knockout Silver Metallic and Hot Lava think burnt orange are no longer available. See the Toyota C-HR models for sale. The C-HR has a 2. All-wheel drive is not available. The EPA estimates fuel consumption at 27 miles per gallon in the city, 31 mpg on the highway, and 29 mpg in combined driving. Paint choices are white, red, or gray with a contrasting black roof or all black.
The C-HR comes with class-leading safety technology. Also see: Toyota brings back the Venza as a hybrid only, and it has a lot going for it. The C-HR can be great fun. It remains stable through corners and the steering transmits sensations from the road better than past Toyotas. But its meager horsepower and droning CVT tend to ultimately put a damper on that fun.
The interior is visually delightful, with little diamond-shaped touches spread throughout adding subtle flair without being gimmicky. The dash is also handsomely modern, the interior materials are above average for the price, and the upgraded safety features this year are remarkable for the class. On the downside, that individual exterior styling hinders rearward vision. Over-the-shoulder glances will give a view only of the dark interior and the front-side windows seem too low — or perhaps the driving position is too high.
The thick rear pillars may also make rear passengers feel claustrophobic. See: 10 SUVs that are really fun to drive. Cargo space is similarly limited for the class, with 19 cubic feet behind the rear seats, or And the loadspace floor is quite high. And it has much more ground clearance than the C-HR, plus a more rugged character. The result is a vehicle better suited to those intending to escape from the city. Like the C-HR, it also has distinctive styling and a generous amount of features.
The C-HR is a bit heavier than most and its 2. For more sprightly acceleration, a turbocharged Kia Soul or Hyundai Kona might be better. For its subcompact size, the C-HR is pretty spacious. The cargo area is about mid-pack in terms of volume, but the height of its floor is higher than most.
And in terms of the first half, usually it should be around JPY billion, but that's a normal situation. On the gross basis, we did have the benefits of reducing cost or saving costs by JPY70 billion. During this period, the volume especially in the first part of the first-half, between April, May and June, the production volume was very small. And partly due to that the efforts were made to improve productivity to save costs. And our support plans have been accumulating those cost reduction efforts, but because of the smaller volume the benefits of that was less visible.
In the second-half, in terms of the full year outlook, we're expecting slightly below JPY billion, that are available in terms of our target. So in the second half, we'd like to accumulate and more and more in terms of cost saved. There's still more questions but the scheduled time is coming closer. So we will just take one last question from Asahi Newspapers, Kamisa [Phonetic]. When you see yourself on the screen please start with your question.
Kamisa, please. I'm from Asahi Newspapers. My name is Kamisa. So there was earlier another question, but for the reason why you have good performance in the United States is also my question. A number of infections is also increasing. So among in this environment, why is it that Toyota is able to have a good performance? And also for your outlook going forward, probably it's difficult to forecast. So does it mean that, because it's not in a panic, you're able to have a forecast thinking from a stable perspective?
So can you tell me a little bit more about your forecast going forward? Well, thanks to everyone's support and cooperation. For the reason why we are able to continue ourselves is what I have explained previously. So, it is, one is because we are able to supply the products and also the dealers. The outlets are looking very in detail to adjust the incentives and those efforts are bringing out the results.
As you have said, as Kamisa has said, the infection risk is heightening. And so absentee rate is actually increasing slightly, that is our understanding. Therefore, it's difficult to have a steady view for the next half. It's not still that kind of a situation. We will be watching every month and monthly we will be making efforts to build up our volume and that effort and that attitude will not change, that will not change for a while. So that is my understanding. So with this, we would like to end our first part of the -- second part of financial results press conference.
Thank you very much for your attendance. After this, we will take a minute break, and from we will begin with part two. Ladies and gentlemen, I would like to start the Q2 financial results announcement for fiscal year This is part two of the announcement. First of all, let me introduce to you the participants from TMC.
Now our President, Toyoda will make his presentation. My name is Toyoda. Today based on our first-half results, I would like to share with you my thoughts as the person responsible for the management of Toyota. We thought that a forecast by Toyota would serve as a kind of signpost for those in the automotive industry, especially in these times of much uncertainty regarding the future due to the COVID crisis.
So at our year-end results announcement in May this year, we issued a full year forecast for 8 million units in worldwide new vehicle sales, and JPY billion in operating income presenting a guideline enabled abnormality management making it possible for each workplace to flexibly respond to changes in the environment.
I believe that the upward revision to our forecast this time are due not only to our initiatives of these six months, but also to our initiatives over the past 11 years, making Toyota stronger as a company step-by-step. The increased strength of our financials and profit structure has also contributed.
But I think that the number one factor has been that the people working for Toyota have grown stronger. At our manufacturing plants, we voluntarily produced face masks and medical face shields needed by the society. Unplanned non-operation days all members engaged in Kaizen continuous improvement and greatly improved productivity. On the sales front, online sales and other initiatives allowed us to continue building relationships with our customers. Every single vehicle ordered by our customers keeps our plants and the economy going.
To be able to keep on producing one vehicle at a time, I believe that our members in both production and sales desperately and fully devoted themselves to their work and that led to a rapid sales recovery. I believe this is the result of our ever-better cars being made by everyone and the effort to deliver them to our customers. I believe that the site of plants operating and people working energized their local communities.
Let's make automobiles a driving force of the economy. I only indicated a direction, I believe all else was thanks to the power of the workplace, which continued to move in that direction. Moving in that direction was not limited to Toyota, as such actions spread to five automobile trade organizations in Japan, including the Japan Automobile Manufacturers Association. The ripple effect is extremely strong in the automobile industry, and the industry in Japan employs 5.
Automobile businesses generate approximately JPY15 trillion in annual taxes and economic ripple effect is 2. Although, we're only halfway through our fiscal year, I think the fast recovery of the automotive industry is already having a positive impact on Japan's economy. The numbers we announced today are the result of the hard work of many people. They are in no way simply an outcome that came about by itself.
I would like to once again express my appreciation to all those concerned. Thank you so very much. Drive society forward with automobiles. It is exactly the commitment of Kiichiro Toyoda, when he founded Toyota, improve the quality of life of the Japanese people with automobiles. Due to the so-called case revolution, the automobile industry is in a once in a century period of profound transformation.
These are times in which the future is unclear and there are no right answers. So where are we headed? To answer that question, I realized that we needed to know from where we came. Please have a look at this conical shape. This graph was put together more than 60 years ago by our then top management after the passing of Kiichiro to guide them as they carried forward the baton passed onto them. I believe that to help Toyota to move even further forward in a united way, top management at the time thought about what Toyota was and believed that their vision of Toyota should not be forgotten.
Toyota, though born in Japan has expanded its presence around the world. Now, we find that we are living in an era of profound transformation. For our , people worldwide and their families as well as for the next generation that will support the Toyota of the future, in our Toyota's velocity, we have defined our mission as producing happiness for all.
Even though, Sakichi Toyoda made a loom and Kiichiro made an automobile, I think that what they truly wanted to make was a sense of happiness for any customer who used their products, as well as happiness for all the people involved in work related to those products.
We realized that even if we change what we make, our pursuit of happiness will never change. And our vision as defined in our Toyota philosophy is creating mobility for all. After all, we are in the car business, therefore, I would like to continue to be discerning when it comes to mobility. And we use the word mobility with an added meaning. That meaning is each person should take action. What is required of us now is that each Toyota person takes actions that lead to the happiness of human kind, including concerning the global environment.
I believe that the Toyota philosophy which is a continuation of Toyota presets is the very spirit of the sustainable development goals. And I believe that management based on this philosophy will lead to sustainable efforts toward achieving these goals, along with the aim of the international society to make a better world. Even now, during the COVID crisis, many people around the world are doing their best to survive while enduring hardship. Toyota's mission being producing happiness for all, we want to work especially in these times of emergency for someone other than ourselves, as well as for society and the future.
Going forward, we will be tested whether or not we can truly mass produce happiness. We will be grateful if we could receive strict yet warm guidance and support from all of our stakeholders, including you who are with us today.
Fukuyi [Phonetic], please. I will switch the screen, so if you find yourself on the screen, please start your question. We are switching the screen right now. Fukuyi, could you start your question, please. My question is addressed to Mr.
Toyoda, President. Once again, what is your appraisal and the assessment of the first half financial results? And you have increased your forecast upward. What is your outlook for the second-half? Since you became President, I think this is the first time that you are speaking at the announcement of an interim financial results. What is the reason for you taking floor at this juncture?
Let me respond to your question. Thank you for the question. At the initial stage we announced JPY billion for the full year basis, it was a projection and we achieved that in the half year period rather than in the full year basis, and that's not an easy task. As I mentioned in my own presentation, it is quite true that this past six months was the period of hard work for those people and again that was very important. But above anything else, since I became President of the company, we encountered many challenges, great financial crisis, the Great East Japan earthquake, and extreme recession of the Yen.
And having gone through those challenges, we added to our efforts and we acquired our effort after effort and that accumulated to produce the results that we see today. This is the first time that I attend this financial result announcement at the half year period. And as far as TMC is concerned, it is quite rare for the executive to be at the interim results announcement.
I have decided to be here. At the time of the emergency, I think it's very important to contribute through all business and work. But all of us working, we can protect employment, we can generate profit and we can pay tax that I think is the responsibility and role of the key industry, which is a bedrock of nation.
And automotive industry I believe has a huge spillover effect, the ripple effect is huge. And for us to continue doing business, continue working can energize the related industries. That's my view as well. And furthermore, at the initial stage for the full year basis to make a projection for the full year basis, I have the following repeating that is to say, by giving some baseline reference point for other, for the dealers, the suppliers and employees. We're energized to respond to those guidelines that they thought if there any better way, is there any other way that we can energize people, is there anything more that we can do and they took very positive initiatives in doing so.
And I just wanted to express my gratitude on this occasion of crisis during that announcement. And at the same time, many people are fighting this COVID crisis, enduring sufferings and yet they are trying to do their best going through this and survive that, I'm aware of that. Although, this is a helping point, but us working together having the third quarter and fourth quarter by continuing to work and continuing our hard work, I just wanted to compare my strong determination doing that on this occasion.
That's all. We would like to go onto the next question. From Automotive News, Mr. Hans, please. We'll be switching the screen. We are now switching the screen, a moment please. That's a good deal. I'll keep my comments short. I just want to ask if you have an update on the Woven City project.
Can you tell us when construction will start? When it will finish? When it will open? When people will start moving there? How many partners you have? And maybe a second question would be, can you tell us your plans for the Olympics next year? Your technological showcase, how are you going to have to change that for the Olympics next year?
Thank you, very much. I'd like to respond in Japanese. Probably you have the simultaneous interpretation, so I would be continuing to speak in Japanese. So if you can't understand me, you can just raise your hand and let me know that you don't understand.
For the project, Woven City project, it is steadily progressing. And the way that we are promoting this, we use a AT Sprint method. So I told myself the top executive and the person in charge every three weeks we hold a meeting to confirm the direction of the project. This rule that we introduced to have this meeting once every three weeks, every time in this meeting, I will make the decision that we believe is the best at that time.
So, maybe it will be that this decision will be different to what we have decided three weeks ago, but the important thing is that every time we have this meeting, we will make the most appropriate decision that meets the environmental situation. So this is a rule that we have adopted to promote this project.
Most important is the candidate area that we will be using. And this plant after one month it will be closing its operation, that is the plan. And therefore the employees that are working in the plant will be transferring to different locations to the Tofugu plant. And unfortunately, there may be employees because of family reasons or other reasons they may not be able to move to a far place, therefore we will be cooperating and supporting so that they can find a new job and any needs that they have.
And in the meantime, we have been working with the cooperation of the community and also the suppliers nearby. We are trying to stand by each and every individual working in Higashi Fuji plant to try to secure a place to work for them after the closure of the plant.
And we still think that steadily we will be able to secure those job opportunities for them. And for this location of the Higashi Fuji plant, we will start the construction work from next year. And from the public affairs division, I was told that I should not say anything about any date. But I'd like to say that I want to make that announcement on February 23rd. The reason why February 23rd is because two-two-three, when you read it in a Japanese way, it's Fuji San, or we can say it's Mount Fuji.
So in this area, you can call there to be Mount Fuji Day, we can make the ceremony to do the ground-breaking ceremony. If we can do the ground-breaking ceremony at the foot of Mount Fuji, that will be very symbolic. And I'd like to say to everyone that we're making preparations so that it may happen that day. So now what will happening in this decision, well, for us, we have made a declaration that we're going to change ourselves from automobile company to a mobility company.
So in this plan, we are going to utilize this location to develop the products that can create profit for us in the future, value for us in the future. And one, we're doing to need a demonstration test, and it's going to be easy. One thing that we will do using this lab will be the automobile driving vehicles.
Automobile driving vehicles, it's important that you think together with the infrastructure as a package. And by having this infrastructure together, the development speed will be accelerating significantly. And with that belief, we have created one basic unit to create this living city. I think that's a big news for Woven City project. The basic unit that I'm talking about is that each there will be a meters by meters square unit inside of the location and that will be consisting of three roads.
There will be three roads moving in this location. One type of this road will be a dedicated road for automated driving autonomous driving test roads and other road will be dedicated for pedestrians. And then other third road will be a combination of a small mobility plus the pedestrians. So in this way, we want to look at how we can secure safety for autonomous driving vehicles.
I think it will be easier to understand if we have that kind of road. However, in the up ground there'll be weather conditions, like it will be different according to a sunny day, rainy day, hot day, cold day. The weather conditions will differ. And in these kinds of different as the hottest difference above ground, but underground we can have the environment that will not change with weather.
So we can utilize that place for vehicles that those have to think about weather. And up ground we will think about weather conditions plus moving things people and things. And I am not an engineer, but probably it'll be the most easiest level to achieve autonomous driving and different dedicated roads.
And for the city that is consisted by these three different type of roads, our thinking of having residents living in this area and for that what kind of people these members are to explain a little bit, one group will be elderly and the second will be people with families, their family group, and the third group of people will be inventors.
In a sense in Japan and this Woven City I want to displace that we will be creating a place that we will be able to understand the needs and the challenges that the elderly and the families are facing in living environment in Japan. And also in this location, we want to have inventors living together with those sort of challenges in their everyday life. So these inventors will be able to invent things, that'll be helpful for the challenges that the elderly and their family has.
And that can be invented in a timely manner. And these inventors will apply certain rules. So they will have a certain period of time that they can work in the city. If they cannot come up with results in that certain period of time, then we will exchange and have them changed with other inventors. So we're trying to have a rule or a mechanism, so that this place will always be vagrant, that will be quite active.
And currently, individuals and also including corporations, corporate organizations, there's about 3, peoples in corporate organizations who have applied and wanted to become a partner with us in this Woven City. So in that sense I think for this Woven City Project, it is going to be a living laboratory. We'll be doing demonstrations of living lab. So it's an ever-evolving city that will never be completed. And our ultimate goal is to develop a safe mobility and also we want to have it human centric.
So creating this kind of city, a town and together with infrastructure, we want to create the future of mobility. And in order to that we can't just work with us alone in just automobile companies, we want to have many partners to work with us and together with those partners we want to develop that kind of a city. So it will be ever evolving, and it will be a living laboratory. So I hope that will be understood.
And also, I'd like to ask you also to participate in certain way. We want to create the future together with you as well. So I hope that you can have high expectations and look forward to this project. I am sorry, it was long in explanation, but that's all for my response. So Mr. Hans, thank you very much. Now let's move onto the next question.
Shimizu of Nippon Life, please. My name is Shimizu of Nippon Life. As an institutional investor owning Toyota shares for a long period of time, I would like to ask the following question to Mr. Toyoda, the President. And including my explanation, I might take a little time.
Starting with the strong performance of the second quarter exceeding the market expectations and also the upward revision of the outlook and projection for the full year basis. And I think this is due to the hard work by Mr. Toyoda and the top management as well as employees and others involved in those hard work efforts.
And I'd like to express my serious respect to that. I have been paying close attention to the words and phrases by President Toyoda. For example, in the past, you talked about intentional pause to increase competitiveness or making things is making people. And also I want to ensure that I'll be the last person to spend time dealing with the consequences of the past activities and those have been very impressive. And I here today heard very strong determination.
I think that there are simple and succinct phrases clearly reflected the direction of Toyota moving forward and the determination of President Toyoda. But I think above and beyond that is the role that Mr. Toyoda plays as a President to ensure sustainable development. Of course, that's naturally expected. But going beyond that, Mr. Toyoda seems to be taking on voluntarily a even greater responsibility at the country and global level.
For example, he set as an objective of preserving 3 million vehicle production and the domestic production. And that's a reflection of determination to protect one of the green Japan, employment, technology and human resources. And at the same time, he is now trying to implementing initiatives to achieve for a redesign of Toyota to make it a mobility company and that goes beyond the reform and change of Toyota as an individual company, but rather it reflects the determination of trying to realize the future of the mobility society that no one has ever envision yet with Toyota playing a central role.
And to realize that, I think it is essential and dispensable to create the corporate alliances, partnering with other companies. So here, I would like to ask the following question. Not limiting yourself to Toyota as a company, but with Toyota playing the central role, you are at the leading edge of trying to create the society of the future and to produce happiness for all, I think you are at the cutting edge of that.
But I wonder, what drives you, Mr. Toyoda to make those efforts so passionately aiming at those activities and responsibility that goes beyond one of individual company? Especially focusing among media people, I don't receive very positive assessment or evaluation often, I'm not used to that. So I feel a bit embarrassed by receiving such a positive and favorable assessment. As Mr. Shimizu just mentioned and reflected in his questions, I just wonder to myself, what really is driving myself.
And probably I could say that the one thing, the frustration and the bitterness that I felt. Since I became President and took helm of the company, what I always said that you can never pull it off, you can never achieve this. You have never experienced and your hardship and you don't know what's going on again. You have never been there. So you can't do this.
You can't do this job. Let's see what you've got. And many people are simply waiting for me to fail, make mistakes. And as expected, I told you so, this is what we expected that's all the people have been expecting. And faced with that to this point they have been able to somehow model through, because we encountered many, many challenges and crisis.
To meet the crisis, where are the crisis, characters, in a sense, the critical situation, also reflects opportunity that is to say predicament on the one hand and opportunity on the other hand. That word consistent of these two words. So I have experienced those new use crisis. And every time I tried to turn the crisis or predicament into opportunity. And by doing so, I tried to respond to those people who said you can never pull it up or you can never achieve that.
I wanted to demonstrate that I can do it. I did do this job. So I never wanted to be dusted and that drove me to work harder and harder. In addition to that and I say this in many different opportunities as a member of the founding family, I just wanted to make things right for the founders. I have been operating over the history of over 80 years, and including myself and those people in the management who have been supporting me are now sustaining Toyota.
But looking back, the founding members never experienced the benefits of what they have accomplished and the success of their endeavors. I have advocated transforming Toyota from an automotive company to mobility company and have in mind the determination of the founding members will change itself from the automatic loom company into the automotive company and that really reflected within hardship they had to go through.
What sort of challenges they had to go through, but completing transforming themselves. Now, vis-a-vis the future generation can really do the same thing by transforming and redesigning the company completely. So we're able to do that, not just Toyota at the center, but to make sure that Toyota to be the company that is chosen by the people in the future society.
And for Toyota to become such a company that I think has been a prime mover that really drove me over the years. And if I may venture to at the following, I can refer to love Japan, my love for Japan. Toyota is a global company today and we always wanted to be the best in town company in any country or region in which we are allowed to operate. And we have been trying to be a company chosen by the community.
But the fact that we've been able to do that post to what our founders started. That is they established the first automotive company in Japan. And we all as today convinced. So to that Japan, we want to contribute with our business with our automotive industry. And that I think has been very important driving force behind it. At the initial stage, it is quite true that I felt very lonesome, I felt being alone, even if I sold nobody was dancing behind me.
That's where I find myself today. I wouldn't say everybody or all of us, but there are so many people who are dancing to my tunes. And increasingly, more and more people are dancing to my tunes or dancing with us. So for a little longer, as I look back at history not just looking back the history of past for the top management and the next generation, I want to make sure that they can move forward, looking at the future. So I would like to hand the baton over in that manner.
So I hope you'll continue to support us in that. Based upon the history, you're now trying to steer and forge the future. I once again heard from you the determination and perseverance. Shimizu, for your question. Going on to the next question from Mr.
We will now be switching the screen. When you see yourself on the screen, please start your question. We are now switching the screen. Nagatsuka, please. It seems that your microphone is on mute. Can you turn on your microphone. I'm from [Indecipherable]. My name is Nagatsuka. Hi, I have a question to President Toyoda.
For electrification, we're seeing an acceleration of the flow of electrification and Tesla's performances is quite steady. And currently, the battery cells for the vehicle batteries, they're moving in house and trying to improve the competitiveness on costs. So I'd like to ask how you view the company Tesla, President Toyoda.
And based on your view, can you talk about your outlook for Toyota's electrification plans? Thank you for your questions. Well, I will be talking about how I view Tesla. And for electrification strategy, I would like to ask Mr. Terashi here to respond. So first of all, in the stock market, Tesla's market capitalization is around JPY40 trillion, and this amount JPY40 trillion, for example, if you take Toyota and add the seven Japanese car companies, it will be the total of -- looking at all of these automobile companies, it's JPY33 trillion.
So it means that just with one company, one Tesla, adding all the seven automobile companies of Japan, they have a more market value than the seven Japanese automakers. And this company, Tesla, they have made profit from base EVs and also with software updates, they have been generating profits. So that is the business model that they have. And also, they've been adding renewable energies, looking at LCS LCA, also reducing CO2, all these activities that they're doing, there are for us many points to learn -- many points to learn from.
But I also like to say that for Toyota as well, we have been taking measures to deal with the case areas. For the past three years, we have been making advanced investments in these areas. And in , looking at the trend in the stock market I think you will be able to see this reflected into the trend. For Toyota as a stock price compared with other car companies, Toyota's share price is making a different move starting to move a different move.
In , the press releases regarding the case and the decisions that we made around case in the companies that are working with the real industry, I think we have been making significant investments and that has been acknowledged by the market. And in these companies win software development it's been worked on, and that will be the core for hyper focus not just in hardware but to employ the idea, the approach of software first and it will be realized utilizing a win that's been developed right now.
And so what we have and what Tesla doesn't have is the units and operation, more than million vehicles out in the world, in this real world that we have in the business that we are in. So without being hesitant to say this, Tesla's business if I can say, is like you can use analogy of kitchen and a chef, I think.
So the kitchen and the chef, they have not created a real business yet or a real world yet, but they're trying to trade the recipes. And the chef is saying that well our recipe is going to become the standard of the world and the future. I think that is the kind of business they have. But for Toyota, we have a kitchen.
And we are creating real dishes and there are customers who are very picky about what they like to eat. And they are sitting in front of us and eating our dishes. So with all these people, we can say we see that the energy situation is different according to which region we talk about in the world.
And also, we holding the menu and the recipe probably will be selected because we have the full menu line-up. And of course in looking at the current share price, we are losing against their evaluation as a share price, but we will always be watching and learning from them. And we will always be determined to be the electrification full line-up vehicle maker.
And I think we will be one step ahead to be able to be selected from our customers because of the situation it has. This is Terashi speaking. I'd like to talk a little bit about our electrification strategy. So, Prime Minister Suga said that Japan is going to target becoming carbon neutral by , at So this means in other words in in the mobility world, you need to have a zero-emission vehicle in order to achieve a carbon neutral Japan. So in this situation in this environment around the globe, the environmental regulations are becoming ever more tougher.
Therefore toward in order to achieve that target, various types of technologies will become important. For example, hydrogen, there are research in regions that have excess hydrogen supplies. Those regions should utilize the hydrogen. And then renewable energy, if they have a lot of electricity that can be created from renewable energy, then they can use that. So I think there's a lot of options according to the regions that talk about.
And like our President said, who selects mobility, who selects the cars, at the end it's the customers. So whatever the regulation is, the customer will select what they want. And we will be trying to achieve carbon neutral with what the customer is selecting. So from those two perspectives, we need to advance our technology in order achieve that target. We can't just look at one side of these two. We need to look at the division, the customer, the regulation level.
So the environment that we are, all these factors will be a factor to select the type of mobility. And at that time, we want to be able to provide a mobility that customers can select from in each of those respective situations. So we as a full line-up maker will be working on the fuel cell vehicle and also with the electric vehicles, there is five vehicles too.
But among the electrified vehicles, the most practical solution will be hybrid, probably next we will be talking hybrid. So having those multiple options and every year the distribution will be different on how much will be supplied. And at the end, we will be achieving zero emission by utilizing all of these types of vehicles. And that we want always to be [Technical Issues] those people who are going to select. Now let us move onto the next question.
From Chunichi. I'll switch the screen so once you find yourself on the screen, please start your question. Osada, could you start your question, please? Osada, Chunichi Newspaper. Toyoda, thank you for your message and the presentation. And in your presentation, you mentioned that -- and I was about ask the question relating to that, relating to the Toyota's car making. As you said, talked about the importance of producing and selling each vehicle one by one, and at the same time, people working for Toyota they have grown stronger, you mentioned that in your presentation as well.
Looking at the first-half and the new car sales in Japan for fiscal year , among the top 10 best-selling vehicles, the Toyota made cars number six models. Six Toyota models are including among top So even if you are able to produce those vehicles, but the list there appealing and attractive customers don't choose them. The fact that your cars are chosen by customers' needs that you have been able to deliver and provide attractive cars in a timely manner, that I think led to the recovery that you have achieved to-date.
In terms of the evolution of car making, has there been any important evolution or important factor in car making? Is there anything that you have personally felt about the important factors in car making under the COVID crisis? And to the last part of your presentation, you refer to Toyota philosophy and I just wanted to ask about that since this is a very good opportunity, stemming from big Toyota precept you refer to Toyota philosophy in which you propose as the company mission to produce happiness for all.
Now, why now? Why have you defined Toyota philosophy in this current context? Going back to Toyota precepts starting with the Sakichi and after his passage in order to achieve this automotive industry to determine the determination Kiichiro the founding father of this company compile these Toyota precepts. And stemming conduct as a new integration for that, you announced and the qualified this Toyota philosophy now. So could you refer to the reason behind that?
It is the customers and market that determine whether our car is attractive and the feeling. We are trying to produce those cars make them feeling and make them attractive. But sometimes some models are not regarded as such by customers. And therefore, the fact that we have introduced large number of new models and that's how I analyze the situation. One of the reasons relates to the establishment of so-called company system within Toyota.
We produce and sell close to 10 million vehicles on a full line basis. Burt in the past within TMC we did have a system under which what is called a global master plan was used. What sort of model is produced to what sort of volume and the different models were prioritized based upon global master plan, that's how we did our business.
And under such plan those cars that's well produced -- large amount of the profit, we see as high priority. And some years ago, I don't exactly remember when, but we had decided to introduce company system. And under that company system in Toyota Motor Corporation, each company would play a certain role amounts 10 million units and each company will have the hardest efforts to make, so that vehicles produced in that company will become most attractive in the period, so that they will be given higher platform.
So sometimes just based upon platform or the vehicles used for daily life or poster to Land Cruiser, which was not redesigned for over decades or centuries another model. And for many decades it's difficult any redesigns. And we didn't have a hybrid version for a century. So that's how we stood. And in that general context, we wanted to introduce a system where somebody within the company wanted to produce and sell a certain types of models and that I think produced the positive results.
And in the most recent period at the time of great global financial crisis, we saw Great East Japan Earthquake. We wondered what we should be doing with different projects, and we applied the decelerating break at the time of the global financial crisis, covering all the new project we decided to stop and discontinue those projects for once. But this time facing the crisis, instead of suppressing or discontinuing those activities, we simply tried to continue producing and continued doing business, especially in April and May, when we were not able to operate plants, in those plants what happened in different production plants, once the COVID crisis is over, retailers starts selling [Indecipherable].
We are able to restart the production of vehicles and I am sure that many customers are looking to buy new models. And therefore, maximum of 50 units per day need to be added or increased in production. What do we have to do now, and many our workers at the frontline thought of what need to be done at this point in order to add the production about 50 units per day, and in order to achieve that, the speed of the production line had to be shortened by four seconds for Toyota.
It's not easy to shorten the production line time by four seconds. Some can be done when the production line is stopped. If that is the case, the production lines operating in daytime or night, either those lines stop using that [Indecipherable], based upon efforts, they try to achieve four second shortening of production line.
And while doing so, if the production had to be increased all of a sudden, those increased production then was achieved without increasing people assigned to those production lines. So by doing so, without stopping any of the new projects, that allowed us to introduce new models as have been planned initially. At the same time, about your question on the Toyota philosophy, why now, why did we decide to make a statutory framework for that. Actually, inside Toyota, when I have discussion with many employees, we talk about fight.
I seem to have been using that word very often in my discussion. But at the same time, I say we shouldn't discuss in terms of the confrontation context, so people ask, who are you fighting against. And once I was asked by one of the employees, who are you fighting against? And I wondered, who am I fighting against, myself. And the person I am fighting against was actually for the purpose of regaining what it is that makes Toyota, Toyota. And when I was thinking, what is really making Toyota, a Toyota.
And there are many historical documents and the materials. And one of the employees found that cone that showed the Toyota precepts, and we really thought that this must be the good thing for us to think about the philosophy. So based upon that conical shape, we established this Toyota philosophy, adding a new vision and also new missions. But earlier one of the members of the corporate auditing board mentioned that Toyota seems that if job is done so wrong as whether is necessary is reduced.
We used to have [Indecipherable] disappearing. We know the reason why. The former seconds we survived despite the fact that [Indecipherable] produced what they needed solidly. That's about the people. In the case of homo sapiens, in addition to that they added beauty, the enjoyment and those other aspect, in addition to producing whether is needed.
And that's what one of the members of the board said, so that is to say based upon vision or those drivings to describe what is needed. And even if we can reflect that in those visions, that doesn't ensure your survival. You also need the ability or enjoyment going back over the issue of Toyota production systems. Toyota is not necessarily almost at their highest efficiency. We always wanted to make things easier. And that's what I continue to say over the years. And according to that person, and also listening to his advice, not just making things easier I have decided to make things enjoyable, that is to say to produce or add the element of homo sapiens.
Of course, this is and also the enjoyment is the same Chinese character. But enjoyment and also their work. Because of these factors people choosing their vehicles and allows us to survive over the years. So in that sense, that's one of the reasons why we have decided to create and as stated before, the Toyota philosophy. But by creating this, we will be able to invite those advice growing into the confidence.
What is important is by having a such vision, we can continue discussing what it is that makes Toyota, Toyota. And all this, we have been able to reflect ourselves in response to environmental changes. It's important to use that as a tool for doing this. In the same period of the previous year, that is, the April to September period, the company's operating profit was 1, In , the total was The first quarter's April-June operating profit was a mere When a global economic risk such as the COVID pandemic occurs, the yen is bought around the world as a safe currency, and the yen strengthens.
There is no way to avoid this. In the aftermath, manufacturers who want to convert sales from exports and other sources to the yen will be forced to post foreign exchange losses. This is especially true for Toyota, which has set a goal of maintaining domestic production at an annual level of approximately three million units, which also serves as a way to help protect domestic jobs.
The results for the first half show that the effects of the company's foreign exchange FOREX rates was a loss of billion yen. The results show that the company's business itself was facing severe headwinds and the foreign exchange rate was also deteriorating.
On the other hand, Toyota's signature 'cost reduction efforts' returned 50 billion yen to the company. From there, the number of units and vehicle model mix, an area directly affected by COVID, reduced the potential income by billion yen. Efforts to reduce expenses, such as overhead costs, added back billion yen to the profit.
Finally, another Of all the aforementioned figures, the most impressive results are from efforts to reduce expenses, the one above that amounted to billion yen. These savings are generated, for example, from reductions in expenses associated with things like business trips and events.
While it could be argued that this is a natural consequence of the restricted travel [imposed by COVID], Toyota's explanation is that it is in the billions of yen range, and most of the billion yen accounted for in the announced results for the first half is actually the result of day-to-day savings across all accounts. The battle for profit is itself actually a steady effort to reduce costs and control expenses. In addition to reducing expenses for better profit, the positive effect of cost reductions increases as the number of units sold increases, which means that the effect would be and is limited in a situation like this one, where sales are down.
Therefore, the 50 billion yen that has returned from cost reduction efforts is worthy of recognition. For consumer durable goods like cars, even if there is a temporary drop in demand, it is generally assumed that it will pick up again later. Unless people take the opportunity to get rid of their cars, they will eventually buy a new one at some point.
If this were to happen, there is a risk that demand may suddenly rise after the downturn and production would not be able to keep up. With this in mind, the manufacturing department took advantage of the increased downtime on the line during the declared states of emergency to improve productivity by making use of the waiting time.
In short, they saw the reduction in plant operating hours as an opportunity to improve the plant equipment and production technology, and immediately took action to improve it. The results of these activities should contribute to the counterattack in the third and fourth quarters. In the aftermath of the global financial crisis, the company posted a large deficit; this led to thorough structural reform and a drastic reduction in its break-even point.
Simply put, this crisis allowed the company to refine its technology for making cars at a lower cost, but what is amazing is that the cars themselves are now incomparably better than they were back at the time of the global financial crisis, even with the costs being reduced. Unlike economic analysts, those of us who make a living critiquing cars for a living know firsthand the significant improvements that have been made in the products themselves as we test-drive each new model.
We drive the car to confirm its performance and interview the engineers who worked on it to find out more about the technical and design concepts. Toyota's cars available for purchase today are not only a real benefit in terms of good production quality and durability, but they are also fun to drive and fun to own. The difference in the intangible value of these products is extremely large.
Ten years ago, we honestly never thought that we would see the day when we would be able to say that Toyota vehicles in general were fun to drive. Toyota has made extensive progress in every aspect of its business. On the other hand, Toyota's strong earnings results are sure to draw a lot of criticism.
As a matter of fact, in an article I once wrote about Toyota's financial results, I received the following comment: 'Are you saying that if Toyota wins, it doesn't matter what happens to Japan? If the fourth hitter strikes a home run lead, or the third hitter is the top hitter, is that an act of revenge for the team's victory? Japan is an important player in a liberal economy, and we usually believe that in a liberal economy, the accumulation of individual efforts and individual victories promotes the progress of society as a whole.
On the contrary, I would like to ask, do you think that the ideal is to have everyone hold hands in a race to the finish line and all of us take the first place? The results are the culmination of various trials, and there is no point in making the results equal. The ideal is that everyone should be able to work on each initiative freely at the trial stage, and that is where everyone needs to be treated equally. Equality in opportunity and equality in outcome may seem similar, but they have very different meanings.
A link to President Toyoda's speech is provided at the end of the article, but if you read it carefully, you will understand. Toyota's goal is not to make money. In order to fulfill that mission, the survival of the company must not be jeopardized. The real question is whether the company will be able to make a fair profit and what it will do with that profit. Now, if we were to sum up the financial results themselves, it might be said that Toyota has almost escaped the negative effects of COVID The company's underlying strength has been demonstrated, but a second lockdown has begun in Europe, and the situation in North America is unpredictable.
We cannot ignore the possibility of the return of this or another pandemic in the future. Since there is no assurance that a forecast taking that into consideration would be correct, the best that can be done is maintaining the status quo, or assume that the situation will improve. That is why Toyota's forecast and upward revision is astonishing, as has been written to this point.
The first part of Toyota's recent financial results presentation was an explanation of the financial results, while the second part featured remarks from Toyota President Akio Toyoda. As mentioned earlier, in the second part a new definition of Toyota's mission that will guide the company in the future was introduced. It is a new code of conduct to 'produce happiness for all'.
Moving forward, it is this author's intention to focus on whether or not this new code of conduct is being properly followed. If there is anyone who wavers from this code of conduct, it is my intention to critically call this behavior out. What's important is the happiness of society as a whole, and as long as Toyota's commercial success is in line with that, it should be considered a success.
If the results is only that Toyota is happy, then I would consider it as something I can't support. I would like to conclude with the full text of the speech below. Toyota Motor Corporation published this content on 10 November and is solely responsible for the information contained therein. Log in. E-mail Password Remember Forgot password? Sign up.
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