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Toyota chief sees 'kaizen' as way to innovate

Akio Toyoda looking for winning formula against U.S., Chinese competition

Toyota Motor President Akio Toyoda says company must focus on continual improvement and cost cuts.

TOKYO -- Toyota Motor is turning to its old mantra of continual improvement, or kaizen, as it seeks to become as innovative as Tesla and Google.

"Toyota must get back to its old self," said Akio Toyoda, third-generation president of the world's third largest automaker, in a press conference Wednesday on the company's business results for the year ended in March. Toyoda was referring to the company's time-honored practices such as the Toyota Production System and continual cost reduction.

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