20 October 2011 / Corporate
As Toyota completes its 24th year of market leadership in New Zealand, Toyota New Zealand's CEO Alistair Davis reported to motoring journalists at the launch of the new model Yaris that Toyota remains on track.
"The Toyota family has managed to remain profitable in New Zealand through the recession, earning nearly $200m across all of its collective businesses since drought tipped the New Zealand economy into recession in early 2008."
Mr Davis reminded motoring journalists that while this could be considered a huge sum, the Toyota business generates around $1.5 billion of business each year, so this is in fact only about a three per cent return on sales.
"We employ 1800 staff nationwide across Toyota New Zealand Limited, Toyota Financial Services and our dealer team.
During this recession we have not lost a single dealership to insolvency and our staff levels have remained consistent throughout."
Mr Davis said that over the four years since the recession started, Toyota and its dealers had invested close to $50m in the business for the future with a mixture of facilities and IT capability representing the bulk of the capital spending.
Mr Davis said he was pleased to report that the Toyota family has survived the Global Financial Crisis, recalls and earthquakes that have plagued them in the past few years, and are in great shape for future.
"We expect the next few years to be very good years for industry and for Toyota," he said.