Toyota Announces Global Annual Results and Reconfirms Commitment To Carbon Neutrality

Despite the COVID-19 pandemic, Toyota’s global vehicle sales totalled 7,646,000 units, a decrease of 1,309,000 units compared to the previous fiscal year. On a consolidated basis, net revenues for the period totalled 27,214.5 billion yen, a decrease of 2,651.9 billion yen. Operating income decreased from 2,399.2 billion yen to 2,197.7 billion yen, while income before income taxes was 2,932.3 billion yen. Net income increased from 2,036.1 billion yen 2,245.2 billion yen.

Commenting on the results, Kenta Kon, Chief Financial Officer of TMC said: “We were able to reduce costs and lower the break-even point by 2 million units since the Lehman Shock, through our efforts to make ever-better cars.”

oyota is committed to carbon neutrality; for everybody – not only for selected groups or regions.

For the automotive industry, carbon neutrality means achieving zero CO2 emissions in all processes throughout the lifecycle of manufacturing, transporting, operating, fuelling or charging, and recycling or disposing of vehicles.

Some people believe that concentrating resources, only one solution will achieve the goal of carbon neutrality faster. However, Toyota believes that investing carefully in multiple technologies will be a quicker and more inclusive way to achieve carbon neutrality around the world.

Ongoing Investment In Low Carbon Products And Technologies

Creating low emissions electrified solutions for the masses is part of Toyota’s DNA. As of today, Toyota has sold over 17m electrified vehicles worldwide – including, in 2020, nearly 2m vehicles.

Toyota now has 55 practical, reliable and affordable electrified vehicles in its portfolio, which allows it to meet the needs of its customers worldwide whilst striving to deliver the optimal technology to minimise carbon emissions in each case.

This approach will continue at speed, with Toyota further expanding its global electrified portfolio to 70 products, including 15 battery-electric vehicles, by 2025.

To ensure these products are the most accessible and efficient they can be, Toyota will continue to make significant investments in new battery technologies, such as solid state, and ever more efficient electric motors and improved power electronics.

Further Leveraging Hydrogen Fuel Cell Technology Towards Wider Carbon Neutrality

At the same time, Toyota will continue to invest strongly in its world-leading fuel cell technology.

Toyota believes fuel cell technology can help to clean up a large percentage of the world’s entire transportation ecosystem. For instance, it can help to achieve carbon neutrality in trucks and heavy transport, trains, buses, taxis, aviation, shipping and industrial processes.

There is growing awareness of the significant environmental potential of hydrogen and Toyota is seeing increased interest in its fuel cell technology from a wide group of industries and markets.

 

Achieving Carbon Neutrality With Internal Combustion Engines

It is estimated that there are more than 1.4 billion vehicles in the world today, and most of them have internal combustion engines. As part of its strategy to achieve carbon neutrality faster, Toyota is exploring and testing possible ways to further minimise their carbon emissions.

Hydrogen fuel, as well as other new renewable e-fuel alternatives made from hydrogen and biofuel, could help minimise the carbon emissions of the world’s existing fleet of vehicles.

And, if that is realised, not only could the existing infrastructure be usable, but all vehicles including those already sold and in use may be able to significantly reduce their overall carbon emissions.

 

Commitment to Achieving Carbon Neutrality With No Customer Left Behind

Toyota is committed to achieving carbon neutrality by 2050 and firmly believes that multiple technology solutions are necessary to get there faster. Thus, Toyota believes it is better to maintain an open regulatory framework towards carbon-neutrality and not limit possible technology solutions too early.

This will allow companies and societies to work together with all available technologies to achieve the best and fastest results towards carbon neutrality – using whichever solutions and infrastructures suit their local needs best.

No single company or country can accomplish the goal of carbon neutrality alone. All industries must work together to develop new technology and infrastructure in co-operation with scientists and academia, as well as local and national governments.

Toyota would like to maintain its position as a trusted partner to build products & solutions suitable for each country’s citizens to help societies around the world achieve carbon neutrality faster, whilst ensuring that no customer gets left behind.