Toyota invests $1 million dollars every hour in research and development worldwide, to build better and safer cars

DO YOU KNOW for you.

1. Introduction In 2008, Toyotas R&D spending was almost US$9 billion (A$9.77 6 billion). That is $200 million more than the second-placed company and works out at A$26.78 million per day or a little over $1.1 million per hour. The study said five of the top 20 global R&D spenders were automotive companies with Toyota ahead of General Motors fifth (previous year 2nd), Ford eighth (6th), Honda 16th (16th) and Volkswagen 17th (19th). More than 90 per cent of the executives in the survey said innovation was critical as they prepared for the up-turn. Most had maintained or expanded their portfolios and were pursuing new products to improve growth and margins. The authors said the recession's effect on innovation activity had not been as severe as some observers might have anticipated; in fact, innovation had become central to every company's efforts to compete. They said the degree of competition had not been reduced by the economic downturn; if anything, it had been heightened. Companies had been forced to maintain their R&D spending even when revenues were declining due to long product-development cycles. This indicated that most companies were fully aware of the need to place themselves in a position to profit from the expected economic upturn. 4. Conclusion

Toyota Motor Corporation is a Japanese automaker headquartered in Toyota, Aichi, Japan. In 2013 the multinational corporation consisted of 333,498 employees worldwide and, as of March 2013, is the thirteenthlargest company in the world by revenue. Toyota was the largest automobile manufacturer in 2012 (by production), and in July of that year, the company reported the production of its 200-millionth vehicle. The company was founded by Kiichiro Toyoda in 1937 as a spinoff from his father's company Toyota Industries to create automobiles. Three years earlier, in 1934, while still a department of Toyota Industries, it created its first product, the Type A engine, and, in 1936, its first passenger car, the Toyota AA. Toyota Motor Corporation group companies are Toyota (including the Scion brand), Lexus, Daihatsu, and Hino Motors, along with several "nonautomotive" companies. TMC is part of the Toyota Group, one of the largest conglomerates in the world. 2. R&D at Toyota

In R&D, Toyota focused its efforts on three key areas: environment, safety and energy. It made a special effort in the area of the environment by expanding its line-up of hybrid vehicles, and has worked on R&D relating to plug-in hybrid. In addition, as part of Toyotas efforts to respond to the diversification of energy, Toyota plans to introduce a flex fuel vehicle in the global market that will run on 100% bio-ethanol fuel. From this point on, based on the philosophy of providing the right car, in the right place, at the right time, and in accordance with the infrastructure and customer needs of each region, Toyota will continue to promote efforts to develop environmentally friendly technology and vehicles. 3. Toyota the world's biggest R&D spender

Since 2009, Toyota spends more than $1 million every hour of every day on research and development. According to a respected international management consultancy firm, this makes Toyota the world's biggest R&D spender. The figures are derived from Booz and Company's latest study known as the Global Innovation 1000 report. It is an annual report that examines the 1000 public corporations worldwide that spend the most on researching and developing products and services. Toyota has headed the list for each of the past three years.

Since its founding, Toyota has been aiming to enrich society through car making. The main goal is to be a "good corporate citizen," constantly winning the trust and respect of the international community. Continuing in the 21st century, Toyota aims for stable long-term growth, while striving for harmony with people, society and the environment. The first step that Toyota can take toward a sustainable society for the future is to conduct R&D related to its primary business, mobility technology. To do so, Toyota is moving ahead with R&D that at all times takes into consideration the integrated whole of urban spaces and infrastructure, people, and mobility. Hence, Toyota will able to continue its sustainable mobility, which targets an automotive society where people and the earth live in harmony.

References ei er , and Render . (2014). Operations Management: Sustainabiliy and Supply Chain Management, 11th ed. Pearson Education Ltd. Toyota spends $1 million every hour on R&D | Smartfleet. Retrieved from www.smartfleetaustralia.com.au/.../toyota-spends-1-million-every-hour-r