Toyota Motor Corporation (TM) Q4 2023 Earnings Call Transcript

Toyota Motor Corporation (NYSE:TM) Q4 2023 Earnings Conference Call May 10, 2023 1:00 AM ET

Company Participants

Ellie Gibbs - IR

Koji Sato - President & Chief Branding Officer

Yoichi Miyazaki - EVP & CFO

Jun Nagata - Chief Communication Officer, Chief Officer of External & Public Affairs Group

Hiroki Nakajima - EVP & CTO

Masahiro Yamamoto - Chief Officer, Accounting Group

Conference Call Participants

Hans Greimel - Automotive News

Tsuyoshi Inajima - Bloomberg

River Davis - Wall Street Journal

Ellie Gibbs

Ladies and gentlemen, thank you very much for coming today. We would now like to start the financial results meeting for the year ended March 2023. My name is Ellie from Public Relations, and I will be the MC for today's meeting.

Before we announce the financial results, Koji Sato, our President, has a few words to mention. Mr. Sato, please.

Koji Sato

I am Koji Sato. Before announcing our financial results, I would like to explain the current situation regarding the Daihatsu procedure realities issue, which was announced on April 28. Since the announcement, we have had an independent third-party review entity conductor retest of those vehicles concerned. It has once again been confirmed that the vehicles concerned present no quality or safety issues. Based on the results of the retest and as to consulting with the related authorities, we have resumed shipments of the Toyota brand vehicles to Malaysia, Mexico and Ecuador. As for Thailand and Middle Eastern countries, we will continue to consult with the related authorities.

The day before yesterday, Chairman, Toyoda visited Thailand to explain to our customers and stakeholders what had happened and to convey to them that the vehicles were safe and that our entire corporate group was committed to working to prevent this type of misconduct from ever happening again. Daihatsu and Toyota are confirming the fact from various perspectives to prevent a recurrence. Toyota is a company in which all members always stop when a problem occurs. It pursues a root cause of problems by going and seeing the location of process where the problem exists, mix improvements and works to prevent recurrences. We will continue to investigate the root cause, believing that it is important to change the environment in which such misconduct occurs. We will keep you informed as and when progress is made.

Ellie Gibbs

Thank you. Now we would like to call upon Yoichi Miyazaki, the Executive Vice President and Chief Financial Officer, to explain about the financial results.