
The Toyota Motor Company was awarded its first Japanese Quality Control Award at the start 1980s and began participating in a wide variety of
Motorsports. Due to the
1973 oil crisis consumers in the lucrative U.S. market began turning to small cars with better fuel economy. American car manufacturers had considered small economy cars to be an "entry level" product, and their small vehicles were made to a low level of quality in order to keep the price low. Japanese customers, however, had a long-standing tradition of demanding small fuel-efficient cars that were manufactured to a high level of quality.[
citation needed] Because of this, companies like Toyota,
Honda, and
Nissan established a growing presence in North America in the 1970s.[
citation needed]
In 1982, the Toyota Motor Company and Toyota Motor Sales merged into one company, the Toyota Motor Corporation. Two years later, Toyota entered into a joint venture with GM called
NUMMI, the New United Motor Manufacturing, Inc, operating an automobile manufacturing plant in Fremont, California. The factory was an old General Motors plant that had been closed for two years. Toyota then started to establish new brands at the end of the 1980s, with the launch of their luxury division
Lexus in 1989.
In the 1990s Toyota began to branch out from producing mostly compact cars by adding many larger and more luxurious vehicles to its lineup, including a full sized pickup, the
T100 (and later the
Tundra), several lines of SUVs, a sport version of the
Camry, known as the
Camry Solara, and the
Scion brand, a group of several affordable, yet sporty, automobiles targeted specifically to young adults. Toyota also began production of the world's best selling hybrid car, the
Prius, in 1997.
With a major presence with Europe, due to the success of
Toyota Team Europe, the corporation decided to set up
TMME, Toyota Motor Europe Marketing & Engineering, to help market vehicles in the continent. Two years later, Toyota set up a base in the
United Kingdom,
TMUK, as the company's cars had become very popular among British drivers. Bases in
Indiana,
Virginia and
Tianjin were also set up. In 1999, the company decided to list itself on the
New York and
London Stock Exchange.
In 2001, Toyota's
Toyo Trust and Banking merged to form the
UFJ, United Financials of Japan, which was accused of corruption by the Japan's government for making bad loans to alleged
Yakuza crime syndicates with executives accused of blocking Financial Service Agency inspections.
[19] The UFJ was listed among Fortune Magazine's largest money-losing corporations in the world, with Toyota's chairman serving as a director.
[20] At the time, the UFJ was one of the largest shareholders of Toyota. As a result of Japan's banking crisis, the UFJ was merged again to become
Mitsubishi UFJ Financial Group.
In 2002, Toyota managed to enter a
Formula One works team and establish joint ventures with
French motoring companies
Citroën and
Peugeot, a year after Toyota started producing cars in France.
Toyota ranked eight on Forbes 2000 list of worlds leading companies for the year 2005.
[21] The company was number one in global automobile sales for the first quarter of 2008.
[22]On
December 7,
2004, a U.S. press release was issued stating that Toyota would be offering
Sirius Satellite Radios. However, as late as Jan. 27, 2007,
Sirius Satellite Radio and
XM Satellite radio kits were not available for Toyota factory radios.[
citation needed] While the press release enumerated nine models, only limited availability existed at the dealer level in the U.S. As of 2008, all Toyota and Scion models have either standard or available XM radio kits. Major Lexus dealerships have been offering satellite radio kits for Lexus vehicles since 2005, in addition to factory-equipped satellite radio models.
In 2007, Toyota released an update of its full size truck, the
Tundra, produced in two American factories, one in Texas and one in Indiana. "Motor Trend" named the Tundra "Truck of the Year," and the 2007
Toyota Camry "Car of the Year" for 2007. It also began the construction of two new factories, one to build the
RAV4 in Woodstock, Ontario and the other to build the
Toyota Prius in Blue Springs, Mississippi. This plant was originally intended to build the
Toyota Highlander, but Toyota decided to use the plant in
Princeton, Indiana instead. The company has also found recent success with its smaller models - the Corolla and Yaris - as gas prices have risen rapidly in the last few years.