Shareholders attend Toyota Motor Corp.’s annual shareholders meeting at its headquarters in Toyota, Aichi Prefecture – Photo: KYODO The decision comes even as the company expects a 19.5 percent rise in net profit in the current fiscal year, and reflects an uncertain business outlook due to the prolonged trade war between the United States and China, the source said. Toyota President Akio Toyoda said Thursday at an annual shareholders’ meeting that his company is boosting efforts in developing zero-emission vehicles including fuel cell vehicles. “We are facing a once-in-a-century transformation. I hope to build a mobility society of the future with our shareholders,” Toyoda said at the meeting at its headquarters in Aichi Prefecture. Competition is intensifying, with new rivals such as technology giant Google LLC now in the markets for electric and self-driving vehicles and new transportation services. In recent years, Toyota has struck cross-industry tie-ups with partners such as investment giant SoftBank Group Corp., leading ride-share service provider Uber Technologies Inc. and ride-hailing company Grab Holdings Inc. of Singapore. Japan’s biggest automaker plans to spend a record ¥1.1 trillion ($10 billion) in research and development operations in the year through March 2020, up 4.9 percent from the previous… Read full this story
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