让财务官当CEO，利润全球第一的丰田也缺钱了？

Core Viewpoint - Toyota's net profit for the third quarter of the 2026 fiscal year dropped by 43% year-on-year, leading to a significant leadership change with CFO Kenta Kon appointed as CEO to tighten financial management [2][3][8]. Financial Performance - In the third quarter of the 2026 fiscal year (October-December 2025), Toyota reported a net profit of 1.26 trillion yen, a decrease of 0.93 trillion yen compared to the same period in the previous fiscal year [2][8]. - The primary reason for the profit decline was the impact of U.S. tariff policies, which alone caused a loss of 1.2 trillion yen [8]. - Toyota's R&D investment for the entire year of 2025 was 1.37 trillion yen (approximately 690 billion RMB), which is significantly higher than the total profit of the top ten Chinese car companies, which was only about 450 million RMB [14]. Leadership Change - Kenta Kon, with 35 years of financial experience at Toyota, is expected to bring a financial perspective to the CEO role, marking the first time a financial executive has taken the position in Toyota's 89-year history [3][5]. - The leadership change is seen as a move to address financial pressures while maintaining a balance between innovation and cost management [6][15]. Strategic Challenges - Toyota faces a dilemma of needing to invest in R&D to secure its future in various technological fields while managing current financial pressures [9][10]. - The previous CEO, Koji Sato, emphasized a "Multi-Pathway" strategy, which led to extensive investments across multiple technologies, stretching the company's financial resources [8][13]. - Investors express concerns that a focus on financial management might lead to a loss of brand differentiation and innovation, reminiscent of past mistakes made by General Motors [18][20][21]. Future Outlook - Kenta Kon's mission includes establishing a revenue structure that supports ongoing investments while navigating the complexities of a changing global landscape [17][25]. - The challenge remains for Toyota to balance financial stability with the need for innovation in software, AI, and autonomous driving technologies [23][27].