Learning from the Success of Toyota Prius

| April 30, 2008 | 1 Reply

[tweetmeme]Toyota in the first quarter of 2008 has just overtaken General Motors as the #1 automaker in the world in terms of global sales. And part of that success comes from their hybrid car innovation, the Prius.


San Francisco Chronicle has a great article on how Prius came about in Toyota. Legend has it that Toyota executives believed that the ever-increasing pressures on oil and gas, as well as the pressure on oil and gas prices due to the emergence of China and India as industrial powers, would put significant pressure on the world’s oil supply. As such, Toyota engineers proposed a small-fuel efficient car.

So what lessons can be gained from the success of Toyota Prius? Robert Herbold in his book “Seduced by Success” discusses the lessons we can learn from Toyota:

  • Toyota anticipated a key inflection point –rising gasoline prices — and assigned top talent to investigate its impact
  • Do a thorough job of reading the marketplace.
  • Study and reapply what works. Honda was the first in the market with electric cars, but failed. Toyota took full advantage of the learning and came up with a creative solution to the problem

Here are some other articles on the success of Toyota Prius:

Tags:

Category: Business Strategy

About the Author ()

Isabel Isidro is a small business owner who writes about her experiences in starting and running a business. She is the co-founder of PowerHomeBiz.com and also runs WomenHomeBusiness.com

Comments (1)

Trackback URL | Comments RSS Feed

  1. Sinn says:

    Study and reapply what works. Honda was the first in the market with electric cars, but failed. Toyota took full advantage of the learning and came up with a creative solution to the problem

Leave a Reply

*