Toyota’s NEXT CEO Just CHALLENGED Tesla CEO Elon Musk!
As we all know, Toyota’s CEO has been changed! But who is he? And should Elon Musk be aware of him? Apparently, he is challenging Musk’’s Tesla, is he moving too quickly? Will he be able to beat Elon in this game of the EV market? Let’s dig a deep hole to understand what is been going on in the automobile industry, only on TECH ADDICTS, so fasten your seatbelts and “let’s go places”
To begin with, let’s see who is the new CEO of Toyota. Well, The incoming chief of Toyota Motor, who was introduced recently, and is 53 years old, is the subject of a lot of watchful eyes. The longtime engineer will now be responsible for guiding the company through a rough and rapid race against new competitors and manufacturing headwinds in the automotive industry.
Two weeks prior to the unexpected announcement that took place on 31st January, Koji Sato made an appearance at a motor show close to Tokyo. While there, he laughed and joked on stage with the current president and CEO of Toyota, Akio Toyoda. Toyoda introduced Sato as an owner and passionate lover of the AE86, a rare Toyota sports car from the 1980s that has attracted many fans. Yesterday’s announcement took everyone by surprise.
“It’s one of my favorite hobbies. That’s why I want to be president of a company that keeps making vehicles, so I can demonstrate to people what kind of company Toyota ought to be in terms of its products. “Sato made his debut as the incoming president during a news conference on Thursday, where he addressed the media for the first time.
Sato is a mechanical engineer who graduated from Waseda University in 1992 with a degree in that field. For the past 30 years, he has worked for Toyota, helping to construct vehicles such as the Prius, which is Toyota’s flagship hybrid vehicle, and a Corolla racing car that is powered by hydrogen. He used to be the company’s top engineer, and now he serves as the president of the luxury brand Lexus.
Toyoda has stated that the most important factor in Sato’s appointment was the fact that he is an experienced engineer who has “worked hard on the scene of car manufacturing to acquire Toyota’s philosophy, techniques, and manners.” This is the quality that Toyoda cited as the primary motivation for Sato’s appointment.
According to analyst Seiji Sugiura of the Tokai Tokyo Research Institute, the job of the chief engineer is “like a quasi-president” and entails “coordinating hundreds of engineers involved in car manufacturing.” Sato’s career demonstrates that his managerial talents are “certifiable,” despite the fact that he has not been considered a leading candidate to succeed Toyoda.
An executive who has known Sato since his early days as an engineer says that he has “never displayed any signs of anxiety” and has always maintained an “energetic attitude and a hands-on approach.” His actions are guided by the conviction that nothing novel can be invented unless existing conditions are tested to their breaking point.
However, despite the surprising news that was made yesterday, Toyota’s stock did not experience any movement in either Japan or the United States. This indicates that investors are unsure of what to make of the unexpected new boss. They were last traded for 1900.5 yen in Tokyo on Friday, which is a mere 0.4% increase from the previous day’s close.
As the new president of Japan’s most valuable firm and largest automaker, Sato has been tasked with “full-model-changing” Toyota from a carmaker into a “mobility company.” This transition will take place over the next five years. The long-standing automaker needs to be nimble enough to deal with the altering notion of automobiles that have been prompted by technology innovation in new areas like CASE, which stands for connected, autonomous, shared, and electric.
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