Toyota Kenya changes name to CFAO Motors
Toyota Kenya Limited has confirmed its change of name to CFAO Motors Kenya Limited effective February 2022.
The change will not however affect its market positioning, as it remains the exclusive distributor of brand-new Toyota vehicles and spare parts in Kenya as well as exclusively offering Toyota manufacturer's warranty.
"The rebrand and name change by Toyota Kenya Limited was approved through a special resolution by shareholders and authorization by the Board of Directors," Arvinder Reel said, Managing Director CFAO Motors Kenya Limited (formerly Toyota Kenya).
"Overall, this change allows us to enhance our value chain in the automotive sector over and above the Toyota brand, which remains the core of our business. We are also the distributor of other new quality cars and equipment such as Suzuki vehicles, Yamaha motorbikes, and Hino trucks."
The change in name is attributed to a 2016 move where Toyota Tsusho Corporation (TTC), Toyota Kenya’s parent company acquired the Corporation for Africa & Overseas (CFAO) (based in Paris, France) along with all its subsidiaries and networks across Africa.
An African Division was formed by TTC, with all its operations in Africa reporting to CFAO Paris. CFAO is a key player in the fields of mobility, healthcare, consumer goods, infrastructure, and energy in 39 countries on the African continent.
"We believe this change in name puts us in a better position to offer diversified mobility solutions to all our customers and business partners. Our commitment to you remains, to become the place where customers love to visit, and people love to work," said Reel.
According to data from the Kenya Motor Vehicle Industry Association (KMI), Toyota Kenya’s sales in 2021 increased 46 percent to 3,748 units, giving it a 21.9 percent market share.
In the last three months of 2021, TTC saw its profits fall by 21 percent as the global chip shortage hit production.
The company said that its third quarter operating profit came in at 784.4 billion yen (£5bn; $6.8bn).
The world’s best-selling carmaker also cut its annual production target by 500,000 vehicles to 8.5 million.
In September 2021, TTC slashed its worldwide vehicle production by 40% because of the chip shortage.
