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Tuesday, 2nd February 2010
In Business In Japan,

Toyota admits recall fears

Executives at Japanese car manufacturer Toyota have admitted they are concerned over the impact that a recent recall could have on the company.

At a press conference, members of Toyota's management said that the recall of more than five million cars is an unprecedented move by the firm and, therefore, there are serious worries over the potential fallout.

The recall was announced a week and a half ago but Toyota executives have not spoken until now.

Executive vice-president of the firm Shinicho Sasaki said that he did not know how much the recall could cost.

Reports suggest that many of Toyota's investors expressed annoyance that the firm's president, Akio Toyoda, did not attend the press conference.

Commenting on the situation, president of Atlantis Investment Research in Tokyo Ed Merner told the Times that the situation has been handled badly.

"They hid from the problem for a long time. They didn't attack it with full energy and they didn't react with full energy," he said.

Written by Mark Smith.

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Toyota enjoys strong global sales to remain largest auto maker (30th October 2012)
Toyota to enter Japan's small car market (29th September 2010)
Toyota comes under further recall criticism (21st May 2010)
Toyota shareholders sue troubled firm (22nd March 2010)