• Sakichi was the first to invent the “Japanese-style”
power loom in 1897
• Founded Toyoda Automatic Loomworks in 1926
• Sakichi later on sold the patents of his loomworks for
$250,000, and used the money to help his son Kiichiro
Toyoda on his quest to start his own auto industry
• Kiichiro Toyoda founded the Toyota Motor Company in 1937
• He changed the name from “Toyoda” to “Toyota”. Although there is no official reason to why
the name was changed, one of the more known stories was that “Toyoda” has ten
calligraphic strokes, while “Toyota” has eight. The number eight was considered an
• Died before the company released their first car in the U.S.
The Toyopet Crown
• After his cousin Kiichiro died in the early 50’s, Eiji helped to get the Toyota
Motor Company running the production of vehicles in the U.S.
• The first car, the Toyopet Crown, was released in the US in 1957. However,
it did not sell for various reasons. One was that it was $500 more than the
more popular Volkswagen Beetle. Another was that it was not fast enough
for American highways
Later Success by Toyota
• In 1965, Eiji Toyoda released the Toyota Corona. The
success of the Corona was seen as a stepping stone that
evolved in to many different models of Toyota such as the
Tercel, Supra, and the Land Cruiser (today known as FJ
Another successful release by Toyota was the Corolla in 1968.
The Corolla was popular with “baby boomers” because it was
An inexpensive and reliable car.
Introduction of the Lexus
• In 1983, Eiji Toyoda decided that the
time was right for Toyota to produce a
luxury car, that car is Lexus
• In the August of 1989, Lexus sold its
first car, the LS 400, a luxury sedan that
sported a V8 engine, along with many
luxuries. (LS 400 pictured in
background from 1989)
The Success of Lexus
• In 1991, Lexus had a successful year in
sales, selling 71,206 luxury cars. That
same year, Lexus outsold the other
luxury cars, such as Mercedes-Benz,
• Lexus has received high rankings in
product quality, ranking first several
times in J.D. Power and Associates
• 1) “Chairman Eiji Toyoda had a dream; today, it’s known as
Lexus.” Automotive News n5656 (April 29, 1996 n5656):
S76(1). Business and Company ASAP. Gale.
Ithaca High School Library. 22 Sept. 2009
• 2) Dawson, Chester. “Blazing the Toyota Way; The World’s
Carmakers Follow the Pattern Set by Kiichiro and Eiji Toyoda.”
Business Week 3884 (May 24,2004) :22 Business and
Company ASAP . Gale. Ithaca High School Library. 22 Sept.
2009 <http://find.galegroup.com/gps//start.do?prodId =IPS>.