Toyota 2015 Annual Report Download - page 95
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liquidity for its present requirements and that by maintaining its high credit ratings, it will continue to be able to
access funds from external sources in large amounts and at relatively low costs. Toyota’s ability to maintain its
high credit ratings is subject to a number of factors, some of which are not within Toyota’s control. These factors
include general economic conditions in Japan and the other major markets in which Toyota does business, as
well as Toyota’s successful implementation of its business strategy.
5.C RESEARCH AND DEVELOPMENT, PATENTS AND LICENSES
Toyota’s research and development is dedicated to capturing the increasingly diverse and sophisticated
market through the development of attractive, affordable, high-quality products for customers worldwide. The
intellectual property that R&D generates is a vital management resource that Toyota utilizes and protects to
maximize its corporate value. For a more detailed discussion of the company’s research and development
objectives and policies, see “Information on the Company — Business Overview — Research and
Development.”
Toyota’s research and development expenditures were approximately ¥1,055.6 billion in fiscal 2016,
¥1,004.5 billion in fiscal 2015 and ¥910.5 billion in fiscal 2014.
Toyota operates a global research and development organization with the primary goal of building
automobiles that meet the needs of customers in every region of the world. In Japan, research and development
operations are led by Toyota and Toyota Central Research & Development Laboratories, Inc., which works
closely with Daihatsu Motor Co., Ltd., Hino Motors, Ltd., Toyota Auto Body Co., Ltd., Toyota Motor East
Japan, Inc., and many other Toyota group companies. Overseas, Toyota has a worldwide network of technical
centers as well as design and motorsports research and development centers.
Toyota established Toyota Research Institute, Inc. in January 2016 to accelerate research and development
of artificial intelligence technology, which has significant potential to support future industrial technologies.
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