Toyota's president said it was "extremely regrettable" an American family died in a crash in which a floor mat in one of the Japanese automaker's vehicles is suspected as the cause. "Four precious lives have been lost," Toyota Motor Corp. President Akio Toyoda said Friday. "I offer my deepest condolences." Without giving specifics, he said an investigation was under way into the problem which potentially affects 3.8 million Toyota vehicles in the U.S., and may cause the accelerator to get... Read Full Story
Toyota Motor's new president Akio Toyoda said on Friday he is optimistic about prospects for the ailing global auto industry but warned that the yen's recent surge may delay its recovery. The grandson of the company's founder confirmed that, for this year, the US and Japanese auto markets are on course for sizeable drops in sales in the wake of the global financial crisis. "But (sales) will certainly pick up in the long run," Toyoda, 53, who took the top job in June, told a news conference... Read Full Story
DETROIT/WASHINGTON (Reuters) - Toyota Motor Corp has decided to end production at a California plant it has shared with General Motors for 25 years, industry sources said on Thursday. Two sources, who had direct knowledge of the decision but were not authorized to speak on the record, confirmed that the Japanese automaker would not continue operations at the Fremont facility that employs 4,500 people. Toyota's board met earlier in the day and decided to shut the plant in March, the sources... Read Full Story
Toyota under its new president will no longer chase global market share and other numerical targets, even as it hopes to sell more cars in emerging markets, a company executive said Friday. Under previous presidents, Toyota Motor Corp. had set a goal of reaching 15 percent global market share in global vehicle sales sometime after 2010. Until last year's financial crisis, which sent sales crashing, it had been steadily expanding production toward that goal. The executive, who spoke on... Read Full Story
Toyota Motor Corp. plans to fix accelerator pedals on about 4 million vehicles in its biggest U.S. recall, as the automaker works to fulfill its president’s vow to “make better cars.”
The Japanese company also will install a brake override system on some of the vehicles after drivers reported cases of sudden acceleration, the U.S. Transportation Department said yesterday. The recall covers Toyota’s top-selling Camry as well as its Lexus and Prius cars and Tacoma and Tundra trucks... Read Full Story
Toyota Motor Corp has received more than 80,000 pre-sale orders for the new Prius in Japan, Executive Vice President Akio Toyoda said on Monday, unveiling the third-generation model. Toyota, the world’s biggest automaker, said it was targeting monthly sales of 10,000 units in Japan. The car, which will start at 2.05 million yen ($21,620), will be sold alongside the entry-level grade of the second-generation Prius, which will cost 1.89 million yen, equal to Honda Motor Co’s new Insight hybrid... Read Full Story
Toyota-owned Fuji International Speedway said Tuesday it will pull out of hosting the 2010 Japanese Formula One Grand Prix and beyond because of the prolonged economic slump. "It has become extremely difficult for us to host the F1 Grand Prix as we face the deteriorating economic environment and see few signs showing a swift economic recovery," Fuji Speedway said in a statement. Fuji Speedway, which is 93.4 percent owned by Toyota Motor Corp., hosted the Japanese Grand Prix in 2007 and 2008... Read Full Story
Honda's new president promised to draw inspiration from the legacy of the company's founder to ride out hard times while pushing an aggressive strategy built around hybrid green technology. "A company must increasingly have individual character to stand out," Takanobu Ito said Monday in his first news conference as Honda Motor Co. president. "Honda had very strong energy at its founding, and we want to use that energy for the future of Honda." He said the automaker must pride itself on its... Read Full Story
Toyota plans to build an affordable sports car that will be launched within the next few years, the new president of the Japanese automaker said Wednesday. "My hope is I can transfer some enthusiasm from the race track to our vehicles," said Akio Toyoda, a racing enthusiast and grandson of the automaker's founder. "Toyota plans to build an exciting, fun-to-drive affordable sports car and launch it within the next few years," Toyoda told an automotive conference in Traverse City, Michigan... Read Full Story
Toyota Motor Corp.’s new Prius hybrid won more than 80,000 orders before even going on sale, prompting outgoing President Katsuaki Watanabe to call it the “savior” for Japan’s most unprofitable carmaker. Investors don’t share his faith. “Toyota shouldn’t be happy just because Prius orders are going up,” said Yuuki Sakurai, general manager of financial and investment planning in Tokyo at Fukoku Mutual Life Insurance Co., which manages the equivalent of $54 billion in assets. “What should... Read Full Story
