The 1990s marked a period of diversification and innovation for Toyota as the company expanded its lineup beyond compact cars, introducing larger and more luxurious vehicles. Key launches included the T100 full-sized pickup (later succeeded by the Tundra) and several SUV lines, as well as the Camry Solara, a sportier version of the popular Camry. Toyota also updated its iconic sports cars, releasing new iterations of the MR2, Celica, and Supra.
In Japan, Toyota continued to cater to demand for mid-level luxury vehicles, offering models like the Soarer, Mark II, Cresta, Chaser, Corona EXiV, and Carina ED, while also selling performance-oriented cars like the Corolla Levin, Sprinter Trueno, and Starlet GT. These vehicles reflected the era’s prosperity and growing consumer appetite for both luxury and sportiness.
A major milestone came in December 1997 with the debut of the first-generation Toyota Prius, the world’s first mass-produced gasoline-electric hybrid car. Initially sold exclusively in Japan, the Prius established Toyota as a leader in environmentally friendly automotive technology.
Toyota also strengthened its global footprint during the 1990s. Building on its motorsport success in Europe through Toyota Team Europe, the company established Toyota Motor Europe Marketing and Engineering (TMME) and a manufacturing base in the United Kingdom (TMUK) to better serve the growing European market. Expansion continued with new bases in Indiana, Virginia, and Tianjin, China.
Increased ownership of Daihatsu further bolstered Toyota's product offerings in smaller vehicle segments. By 1995, Toyota held a 33.4% stake in Daihatsu, gaining veto power over shareholder resolutions. In 1998, it became Daihatsu’s majority shareholder with a 51.2% stake, solidifying control over the company.
Toyota also achieved significant financial milestones, listing itself on the New York and London Stock Exchanges on September 29, 1999, enhancing its international credibility and access to global capital.
Leadership changes also defined the decade. In 1992, Shoichiro Toyoda transitioned to chairman, allowing his brother Tatsuro Toyoda to become president, a role Tatsuro held until his retirement in 1995. Shoichiro retired as chairman in 1999, but both brothers retained honorary advisory roles. Leadership passed to Hiroshi Okuda, who served as president from 1995 to 1999 before becoming chairman, with Fujio Cho succeeding him as president.
The 1990s were a transformative decade for Toyota, as the company expanded its product range, pioneered hybrid technology, strengthened its global presence, and transitioned leadership to a new generation. These developments positioned Toyota for continued success in the 21st century.