Top 10 Companies in the World 2017

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3. Toyota

Toyota is a Japanese multinational company specializing in the production of cars and trucks.

Image: Wikimedia

The organization was founded by Kiichiro Toyoda, in the year 1933 as a part of the Toyoda Automatic Loom Works. The company was officially renamed as the Toyota Motor Company in the year 1937.

The company has been at the forefront of technology and innovation, with the company coming up with a prototype for small car, a segment largely ignored by American car makers, in the year 1947. The model was officially released in the year 1949, and was quite a success in the market. The car was capable of running at a top speed of 54 miles per hour.

The upcoming decade was a challenging period of time for the company, owing to the bad market condition in Japan. The company produced $ 3.5 billion worth of cars, but was only able to generate $ 2.5 billion in sales. The resulting losses brought the company to the brink of being dissolved; Toyota pushed through these rough times however, by making some crucial decisions such as cutting down on manpower. Toyota came up with the iconic Toyota Production System (TPS) as well, starting in this period, so as to reduce the costs of production and streamline the operations of the plant.

The company introduced the popular Land Cruiser model in 1951. Simultaneously, production rates shot back up while focus was kept on improving the quality and reducing production costs. The measures taken to revive business succeeded, and both production and profitability started rising post these reforms. In 1966, the iconic Corolla was released and in 1980, Toyota rose to become the second largest car producer after GM. In 1984, the company entered a joint venture with GM and formed the New United Motor Manufacturing Inc. (NUMMI), and hence entered the American market. The company introduced the Lexus in 1989, and also established itself in Latin America and Southeast Asia. The Prius was released in 1997, and Toyota quickly overtook GM in the rankings in 2013. The company is headquartered in Aichi, Japan and the current President is Akio Toyoda.

Sales ($Bn): 249.9

Profits ($Bn): 17.1

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