Toyota: Japan understands quality and names quality man to lead Toyota

Katsuaki Watanabe made his name at the company with a cost-reduction program. As the new president, he's not about to slow down now

If Toyota Motor's recent growth is any guide, it seems more a question of when rather than if the Japanese giant will overtake General Motors to become the world's No. 1 car producer. It's easy to see why. Next year, Toyota (TM) is expected to sell some 8.5 million vehicles -- just 400,000 fewer than GM's (GM) projected sales.

Meanwhile, industry-busting earnings -- $10.7 billion in the year through March, 2005 -- are being reinvested in new production facilities the world over. Toyota's newest factories are in such far-flung places as the Czech Republic, China, and Texas, while further expansion is planned in Russia, Thailand, and Canada

from Business Week Online
Updated: 1:56 a.m. ET July 22, 2005