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Toyota (7203.T) shareholders backed the board and voted down the first resolution proposed in 18 years at an annual general meeting (AGM) on Wednesday, an endorsement of the automaker a day after it laid out an extensive electric vehicle strategy.
EV ROADMAP
Toyota aims to produce more efficient, faster-charging versions of current batteries to improve EV driving range and cost, and, within the decade, mass produce game-changing solid-state batteries after saying it had overcome a technical hurdle.

MANUFACTURING CHANGE
The carmaker said it would radically redesign manufacturing, having vehicles drive along the production line instead of being carried by conveyor. It will also employ a die-casting process that eliminates welding pioneered by EV leader Tesla (TSLA.O).
GOVERNANCE
Two huge U.S. public pension funds voted against the re-election of Chairman Akio Toyoda, with proxy advisor Glass Lewis saying re-election threatened board independence. Toyota said its board meets Tokyo Stock Exchange standards.

CLIMATE LOBBYING
Three asset managers have urged Toyota to improve disclosure of climate change lobbying in a proposal backed by proxy advisor Institutional Shareholder Services. Toyota recommended voting otherwise, citing the fluidity of related factors.

Something great is on the horizon... The all-new 2024 Land Cruiser will make its world debut on August 1st at 9:20 p.m. ET.

Gov. Roy Cooper meets with Toyota CEO Koji Sato

Toyota CEO Koji Sato visited the North Carolina General Assembly Thursday to celebrate the Japanese automaker’s ongoing construction of a battery manufacturing plant at the Greensboro-Randolph Megasite. Sato was met with a standing ovation on the House floor as a group of lawmakers escorted him into the chamber. While at the General Assembly, Sato met with House Speaker Tim Moore, a Kings Mountain Republican; Senate leader Phil Berger, an Eden Republican; Senate Democratic leader Dan Blue, of Raleigh; and Republican state Sens. Amy Galey and David Craven, who represent the new plant’s district. Sato met earlier in the day with Gov. Roy Cooper at the Executive Mansion. “With their new EV battery plant, Toyota is creating good-paying jobs in the Triad while helping North Carolina lead the way to a clean energy future,”
Sato became president of the Toyota Motor Corporation in April, having worked at the company since 1992. He was previously the President of Lexus International and the GAZOO Racing Company, both of which are owned by Toyota.

Toyota’s new CEO visits Raleigh to celebrate the Japanese automaker’s battery plant The Japanese automaker is currently building a battery manufacturing plant in Randolph County, near Greensboro. It is set to create 2,100 jobs.

. In an extended interview with Autocar, he spoke about how the world's best-selling car manufacturer should work on lowering its emissions on the road to becoming carbon neutral by the middle of the century per the Toyota Environmental Challenge 2050. He explained there isn't a single solution as the plan is to invest in different technologies.

Toyota faces quite a few hurdles as Koji Sato said the durability of solid-state batteries remains a "huge challenge." However, he remains optimistic: "If we get through this point, the energy efficiency will be really fantastic. We're on that – but we still need some time." In January 2022, Toyota announced it would have a hybrid with a solid-state battery on sale by 2025.

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.