Toyota designs, manufactures, and sells vehicles including passenger cars, minivans, and commercial trucks. The company operates several brands: Toyota for the mass market, Lexus for the premium segment, and Daihatsu for compact vehicles. Toyota sells vehicles through a global dealership network spanning approximately 200 countries and regions, with North America and Japan serving as its largest markets. Its primary business is automotive manufacturing, supported by a financial services division that offers financing, leasing, and insurance to customers and dealers. Toyota's business model focuses on unit volume and profitability from higher-margin SUVs and luxury models, while capturing recurring revenue from after-sales services and parts across its global fleet. To maintain efficiency, the company employs the Toyota Production System to minimize waste. Toyota pursues a "multi-pathway" strategy for electrification, investing in various powertrains including hybrids, plug-in hybrids, battery electric vehicles, and hydrogen fuel cells to meet diverse regional needs. The company's growth strategy also includes developing software-defined vehicles through its Arene platform and advancing battery technologies, such as solid-state batteries. Toyota maintains recurring revenue through its value chain, including used car sales and insurance for its large global fleet of vehicles in operation.