Toyota had made a strategic decision in focusing its efforts on hybridelectric technology. environmental legislation became more critical for the manufacturers, the company’s early leadership position would help to drive sales and market share, establishing Toyota as the number one car company in the world. Because of this commitment, Toyota was positioned as leader of the hybrid-electric market, and its efforts to develop the target market would define the automotive industry over the next decade. The company had committed that by 2012, all vehicles produced in the United States would have a hybrid-electric engine available. Toyota was taking a risk, banking on changes in the industry and changes in consumer perceptions. Toyota Motor President Fujijo Cho, said that the company wanted to grow by nearly half in the next decade.
The company had the potential strength to achieve this goal with more than $100 billion in assets, $34 billion in cash, 18 new plants and a low-cost, flexible production system. In April 2003, Toyota announced its plans to become the largest worldwide automaker, striving for 15 per cent of global sales, almost a 4.5 per cent increase over 2002.
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