Toyota's Apology is Too Little Too Late

Financial World News Update by Equities Magazine

Beverly Hills 2/26/2010 04:07 AM GMT (TransWorldNews)

Akio Toyoda Toyota's chief executive promised to “advance safety to the next level,” in a meeting with Transportation Secretary Ray La Hood on Thursday. The meeting last 30 minutes and was focused on the company moving forward from the recall.

Toyoda’s pledge appears to be too late though, as the automaker endures a criminal investigation by New York Federal prosecutors, and a case examination by the Securities and Exchange over their 8.5 million-car recall. In addition to their legal and public relations hurdles, Toyota must endure the price of the massive recall, paying for rental cars or alternative means of transportation for those affected.

Already, the company’s sales have fallen 16 percent.

Additionally, Toyota is gearing up for the astronomical costs that will ensue with the arrival of death and injury lawsuits. Congressional hearings this week did not make the situation better for Toyota's whose delayed action in handling acceleration glitches is appearing more suspicious.

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