Toyoda Apologizes, Promises Redirection
By Chris Weiss
Toyota president Akio Toyoda appeared at the Congressional hearings yesterday full of remorse. He apologized for injuries and accidents caused by Toyota vehicles and promised to turn Toyota around, blaming fast, unbridled growth for the lapse in adequate safety in its vehicles. He denied that issues with Toyota vehicles could be related to electronics rather than sticking accelerators. He even broke out a few tears.
As for what the future holds, Toyoda stated: “We at Toyota are at a crossroad. We need to rethink everything about our operation.”
The market seemed to be listening and Toyoda’s appearance was a positive for the embattled automaker. Toyota stock rose 0.6 percent in Tokyo as the rest of the market took a dip.
One short chapter of a much longer book is over. [via Reuters]
