Toyota is one of the most well known automobile manufacturers in the world. In fact, it is the largest automobile manufacturer in the world, producing over 7 million units in the last financial year. During this time it reported a profit of over $5 billion dollars. It is a multinational corporation with a head office in Toyota City, Aichi, Japan. The company employs over 310,000 people worldwide. If you want to know who founded this successful company, keep reading to find out.
Who founded Toyota?
In 1924 a famous Japanese inventor Sakichi Toyoda created the Toyoda Model G Automatic Loom, which was one of the first machines to automatically stop when a problem occured. In 1929 the patent was sold to a British company. The son of Sakichi Toyoda, called Kiichiro Toyoda, decided to use the money from the sale of his father’s invention to begin vehicle manufacturing. The vehicles were sold under the name Toyoda and in 1936 the model AA became the first vehicle produced by the company.
One of the family, Risabur? Toyoda, wanted to change the name to Toyota because it required 8 brush strokes to write in Japanese (a lucky number). The name Toyoda means fertile rice paddies in English, which further convinced the family to change the name. In August 1937 the “Toyota Motor Company” was officially founded and trademarked. The founder of the company Kiichiro Toyoda, served as president of Toyota between 1941 and 1950.