Toyota Motor Corp. (NYSE: TM), most years the world’s largest car company by unit sales, has had its annual meeting. Among the subjects discussed by investors was that the company has been too slow to enter the electric vehicle (EV) business. Management had argued for years that hybrids were a more acceptable way for customers to cut emissions and improve gas mileage. Shareholder pressure had been too much, however. Management used the meeting to highlight an aggressive push toward EV dominance.
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There are several reasons Toyota is still considered by many to be the world’s best car company. Its market cap is $240 billion. Although that is not as high as Tesla’s, it compares to Ford’s $56 billion. (These companies have the best reputations.)
Another reason is the breadth and strength of its model lineup. In the United States, it sells 53 different vehicles. It sells vehicles with manufacturer’s suggested retail prices that start at about $15,000 and go to $90,000. It is hard to imagine that any car buyers could not find a match in Toyota’s fleet.
As with its Lexus luxury brand, Toyota vehicles are noted for their quality. These are often at or near the top of the research on how consumers view cars they own or consider buying. This quality edge has been the case for decades, at least in the United States.
Another strength of Toyota is that its revenue is strong across most regions. It dominates its home market. It is often the second best-selling brand in the United States. It has a large footprint in Asia and Europe as well.
Two of the top 10 selling cars in China are Toyotas: the Corolla and the Camry. China is the world’s largest car market by far.
As Toyota enters the EV market more aggressively, it can leverage its brand, R&D, distribution and production prowess. These should allow it to remain the world’s leading car company.
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