Toyota was founded by Kiichiro Toyoda in 1937. In subsequent decades the company took the automobile industry by storm by coming up with its famed Toyota Production System which enabled the company to come out with many innovative models in a cost-efficient way. The company started its globalization in the 1950s and entered the US market in 1957. It established its first overseas production unit in Brazil in 1959. It entered the European market in 1963.