And there are interesting parallels between today and the early days of our industry.

Back then, there was a variety of cars with different energy sources, including gasoline, steam and electricity. Mr. Henry Ford’s affordable Model T, together with large volumes of cheap oil, emerged as the winner and replaced the horse as transportation.

The industrial revolution further improved workers means so they could buy cars. And their enthusiasm drove the auto industry’s amazing growth for more than a century.

Now, conditions that supported the prosperity of the auto industry have started to crumble.

We are fast approaching “peak oil” when the demand for oil exceeds supply. And today, oil continues to be sourced in places that are geographically remote and environmentally sensitive. In addition, our customers are more and more concerned about environmental issues like global warming, air pollution and recycling.

So...today...we are at a new once-in-a-century crossroads.

Our primary aim is to find ways to use oil better and develop vehicles that are less dependent on it. And, we must do it in a way that is affordable to today’s customers.

In other words, we are back where we began 100 years ago...at a point where we must reinvent the automobile.

It will take all of us...automakers…suppliers...government...universities... energy companies...and other businesses...working together to accomplish it. And we can do it.

I have started the ball rolling at Toyota by asking our associates around the world to develop answers for the next 100 years.