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TOKYO - Toyota's president, Akio Toyoda, has promised shareholders a revived Toyota despite the production disruptions from the earthquakes and tsunamis that hammered Japa earlier in 2011.
He also offered his prayers for those killed on the traditional 100th day after the disasters.
The disaster dominated Friday's annual shareholders at Toyota HQ in the town named after the world's biggest automaker. It started with a solemn minute of silence for those killed and missing, now estimated at more than 23 000 people. The first question from investors was about what the company was doing in response to the destruction.
KEY SUPPLIERS
However the overall mood was supportive and upbeat, periodically interrupted by applause, unlike shareholders' meetings in recent years when Toyota officials were on the defensive after global recalls caused by quality lapses and reduced profit after the financial crisis.
The quakes and tsunamis damaged key parts suppliers in north-eastern Japan and vehicle production for some models is still not back to normal, three months later. That is cramping Toyota's sales, even for popular models, just when it was starting to recover from a two-year recall fiasco, especially by boosting growth in emerging markets.
One shareholder got up to grumble about how he was still waiting for his Prius order but called himself "a Toyota fan" and expressed confidence Toyota was on a comeback.
31% PROFIT DIVE
Toyoda said the company was working hard so that vehicle production, which stopped nationwide after the 9.0-magnitude quake, is expected to be back at pre-disaster levels by July, in Japan and overseas.
He said he had visited suppliers and dealers in north-eastern Japan and was deeply moved by the struggle of people trying to deal with widespread damage. Toyota would do its best to contribute to the regional economy by keeping production there and providing jobs.
"I ask shareholders for their understanding," Toyoda said with a bow, which was welcomed with enthusiastic clapping.
Despite the gradual recovery over the past year, Toyota is still expecting its profit to dive 31% year-on-year to $3.5bn for the fiscal year through March 2012, hammered by the parts shortages.
Toyota may lose its spot as the world's top-selling automaker to General Motors in 2011 because of the disaster, although executives have played down the importance of that loss. The automaker still expects to sell 7.24-million vehicles for the fiscal year through March 2012, down from 7.31-million in the previous year.
Toyoda said the company was doing its utmost in the face of a soaring yen and intensifying global competition as well as damage from the quake.
"We want to be a company that gets chosen by customers, and we want them to smile," he said.
He also offered his prayers for those killed on the traditional 100th day after the disasters.
The disaster dominated Friday's annual shareholders at Toyota HQ in the town named after the world's biggest automaker. It started with a solemn minute of silence for those killed and missing, now estimated at more than 23 000 people. The first question from investors was about what the company was doing in response to the destruction.
KEY SUPPLIERS
However the overall mood was supportive and upbeat, periodically interrupted by applause, unlike shareholders' meetings in recent years when Toyota officials were on the defensive after global recalls caused by quality lapses and reduced profit after the financial crisis.
The quakes and tsunamis damaged key parts suppliers in north-eastern Japan and vehicle production for some models is still not back to normal, three months later. That is cramping Toyota's sales, even for popular models, just when it was starting to recover from a two-year recall fiasco, especially by boosting growth in emerging markets.
One shareholder got up to grumble about how he was still waiting for his Prius order but called himself "a Toyota fan" and expressed confidence Toyota was on a comeback.
31% PROFIT DIVE
Toyoda said the company was working hard so that vehicle production, which stopped nationwide after the 9.0-magnitude quake, is expected to be back at pre-disaster levels by July, in Japan and overseas.
He said he had visited suppliers and dealers in north-eastern Japan and was deeply moved by the struggle of people trying to deal with widespread damage. Toyota would do its best to contribute to the regional economy by keeping production there and providing jobs.
"I ask shareholders for their understanding," Toyoda said with a bow, which was welcomed with enthusiastic clapping.
Despite the gradual recovery over the past year, Toyota is still expecting its profit to dive 31% year-on-year to $3.5bn for the fiscal year through March 2012, hammered by the parts shortages.
Toyota may lose its spot as the world's top-selling automaker to General Motors in 2011 because of the disaster, although executives have played down the importance of that loss. The automaker still expects to sell 7.24-million vehicles for the fiscal year through March 2012, down from 7.31-million in the previous year.
Toyoda said the company was doing its utmost in the face of a soaring yen and intensifying global competition as well as damage from the quake.
"We want to be a company that gets chosen by customers, and we want them to smile," he said.