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TOKYO, Japan - A Toyota plan to overhaul production and slash development costs has been described by a top executive as crucial to navigating "drastic changes" in the auto world.
While the Japanese car giant is on track for a record $18-billion (about R216-billion) fiscal year profit, largely due to the weak yen and strong North American sales, the world's most prolific automaker believes it needs to go further to protect its bottom line in a fast-changing market.
A statement from Toyota president Akio Toyoda said: "Sudden and drastic changes in the business environment mean conventional ways of thinking and doing business can no longer help us to grow sustainably. We are at a crossroads where we must build a new business model."