Toyota Motor Corporation: R&D spending

Toyota incurred research and development (R&D) costs of about 1.2 trillion Japanese yen in the fiscal year ended March 31, 2024. Not only is the Toyota Motor Corporation Japan’s largest automotive manufacturer, it is also ranked as the number one carmaker worldwide in terms of automobile production.

Toyota’s research and development expenses

The weak yen clearly helped Toyota export more vehicles. However, the company was hit hard by the 2008/2009 worldwide financial crisis, and its research and development expenses hit rock bottom in the fiscal year of 2010, only to finally reach pre-crisis levels in the fiscal year of 2014. In 2022, Toyota was among the leading automotive companies with the highest spending on research and development. Toyota's R&D costs crossed the one trillion yen mark in 2019 and continued to notch up in 2020. The fiscal year of 2021 showed a slight decrease year-on-year. However, R&D expenses bounced back to 1.1 trillion Japanese yen a year after.

Toyota Motor Corporation's research and development (R&D) expenses from FY 2007 to FY 2024 (in billion Japanese yen)

Financial year	R&D spending in billion Japanese yen
2024	1,202.3
2023	1,241.6
2022	1,124.2
2021	1,090.4
2020	1,110.3
2019	1,048.8
2018	1,064.2
2017	1,037.5
2016	1,055.6
2015	1,004.55
2014	910.52
2013	807.45
2012	779.81
2011	730.34
2010	725.35
2009	904.08
2008	958.88
2007	890.78

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Release date

May 2024

More information

Region

Worldwide

Survey time period

FY 2007 to FY 2024

Supplementary notes

Toyota's fiscal year runs from April 1 to March 31 of the following year.
The figures for 2007 through 2022 were taken from previous editions of the publication.
One Japanese yen is approximately equal to 0.006607 USD (correct as of mid-market on March 31, 2024).

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