Toyota President Apologies for Recalls
Toyota's president, Akio Toyoda, apologized for the gas pedal problems that have forced the recall of millions of vehicles in the United States and Europe, according to the Japanese news agency NHK.
"We're extremely sorry to have made customers uneasy," he said. "We plan to establish the facts and give an explanation that will take away the customers' concern as soon as possible."
A Toyota spokesman said that the carmaker is close to announcing a solution for cars in the United States. The company would still need to get regulatory approval for any proposed repair in the United States and in Europe before a fix could be made.
According to analysts that spoke to CNN, the apology isn't going to be enough as Toyota is facing a very steep uphill battle to recoup the company's position in the market and reputation.
"This is a game changer for Toyota," said Art Spinella, head of CNW Market Research, as reported on CNN.com. "They have some serious, serious work to do to repair the damage done to their image."
Michelle Krebbs, senior analyst for Edmunds.com, agreed.
"People buy Toyotas for their bullet-proof reliability," said Krebbs. "That was their main selling point, and that's taken a huge hit."