The Meaning of Change in International Business Strategies: A Case of Toyota Motor Corporation

This study examines the changes in international business strategies at Toyota Motor Corporation, one of the largest multinational enterprises (MNEs) in Japan, that enabled it to continue improving its performance during the global pandemic. This study analyzes Toyota’s alliance strategy over the past 50 years to understand the companies they have formed alliances with and identify changes in their strategies. The analysis reveals that Toyota changed its direction significantly after the Lehman’s collapse, especially after 2010, by actively pursuing alliances with companies in other industries. This marks a departure from Toyota’s past strategy of building strengths within the scope of its control, as seen in keiretsu. The study clarifies the reality of alliance strategies that cross national and industry borders, referred to as the “inter-industrialization of international business.” Through this case study, the transformation of Toyota’s strategy is explored, providing insights for other multinational enterprises seeking to adapt to changing market conditions.