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Toyota’s Latin America Division Chief to Become New Daihatsu President; Subsidary’s Business Domain to be Reviewed

REUTERS/Issei Kato
Daihatsu Motor Co.’s next President Masahiro Inoue and Toyota Motor Corp. President Koji Sato attend a joint press conference as reporters raise their hands for questions in Tokyo, Japan February 13, 2024.

Toyota Motor Corp. has appointed Masahiro Inoue, chief executive officer of its Latin America & Caribbean Region, as the new president of its subsidiary Daihatsu Motor Co. effective March 1, the automaker announced Tuesday.

Current Daihatsu President Soichiro Okudaira and Chairman Sunao Matsubayashi will step down.

Daihatsu announced it found misconduct in safety tests of 64 vehicle models, including those under development or no longer in production. Daihatsu’s business domain will also be reviewed.

At Tuesday’s press conference, Toyota President Koji Sato said the two automakers would “work together to make every effort for Daihatsu to be reborn as a company worthy of the support of its customers.”

Toyota will review its partnership with Daihatsu regarding vehicle development and manufacturing. It also intends to change the business structure to one that is less burdensome for Daihatsu.