TOYOTA CITY, Japan -

The 2010 fiscal year was certainly an eventful one for Toyota Motor Corp., with the automaker shifting leadership, dealing with the challenges of safety recalls and the closing of the New United Motor Manufacturing Inc. plant, just to name a few hurdles.

Reflecting on the fiscal year and looking forward to what lies ahead, Toyota's top leaders shared their perspectives in the automaker's Annual Report 2010.

Overall, worldwide consolidated net revenues were 18.95 trillion yen ($203.69 billion), down 7.7 percent year-over-year.  Consolidated operating income was 147.52 billion yen ($1.59 billion), compared with an operating loss of 461.01 billion yen in fiscal 2009.

Consolidated net income was 209.46 billion yen ($2.25 billion), compared with a net loss of 436.94 billion yen in the year-ago period.

Looking at the automotive operations specifically, the company sold 7.24 million units throughout the world, down 4.4 percent year-over-year.

Net revenues were 17.2 trillion yen, down 7.4 percent year-over-year. Operating losses slowed to 86.3 billion yen, compared with a loss of 394.8 yen in the prior-year period.

The report began with a message from chairman Fujio Cho, who suggested that the "very challenging business conditions" led Toyota to project operating losses at the start.

"Although a few emerging markets showed signs of recovery, the global economic crisis continued to affect markets in Japan, the United States, Europe and other parts of the world," Cho noted.

"Although Toyota achieved profitability on a consolidated basis, we fell short of a full-scale earnings recovery. I apologize sincerely for any concern this may have caused our shareholders, investors, customers, suppliers, communities and other stakeholders," he added.

Toyota had to make some tough choices this past year, and brought in new operating structures, including a new management team last June geared tasked with bringing about "structural reforms and a recovery in performance," Cho continued,

"Returning to the spirit of manufacturing cars that has been essential to Toyota since its founding, we are preparing to take the next step forward," he shared.

Continuing on, Cho also said the company learned and grew from its prior experience in tackling the various issues that have come in its seven decades of existence, and said that the automaker is applying these lessons to today's challenges.

"We have experienced recessions, automobile trade liberalization, environmental concerns, oil shocks and other major changes in the operating environment," Cho emphasized. "In each case, we remained faithful to our founding principles of contributing to society.

"With humility, we learned and evolved. The current difficulties have given us cause to reaffirm these principles. We are confident that by providing safe, high-quality vehicles at affordable prices, the starting point for growth, we can overcome the issues we now face by adhering steadfastly to customer-first, Genchi Genbutsu (on-site, hands-on experience) principles and striving for continuous improvement," he continued.

Looking ahead to the future, a major emphasis from Toyota's leadership was on technology that can benefit the environment.

Cho said a goal for Toyota is to enhance its technology, while incorporating "new technologies and products, partnerships, the urban environment and energy" into its sustainable mobility strategy.

"By strengthening the bonds between the customers, dealers and suppliers who represent our driving force, we will redouble our efforts to create a new future for the automobile," he noted.

Environmental technology was a big component of president Akio Toyoda's message, too, as he called the current fiscal year Toyota's "fresh start."

Toyoda said his plans are to bring about a "new growth strategy," and included in this what he referred to as the next-generation eco-car.

As some may remember, Toyota struck a deal with Tesla Motors in May to build an electric vehicle. Toyoda came to the U.S. this spring and took a Tesla electric model for a spin. He said it was "an experience that I can only describe as feeling the wind of the future."

Toyoda continued: "Not only was I impressed by Tesla's technological capabilities, but I also sensed the energy that will enable them to produce the vehicle efficiently to meet market demands.

"In order to capitalize on technological transitions that occur once every hundred years, I think that the can-do spirit, quick decision-making and flexibility of venture businesses are as necessary as the methods of big corporations like Toyota," he added. "Toyota was also born as a venture business, and that spirit has contributed to its growth over the years.

Toyoda continued: "By working with Tesla, I strongly believe we can reawaken the creative spirit in our own employees and accept the challenges of facing a new future."