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From Grace To Disgrace - A Tale Of Most Admired Co!
Posted by naturelover,
09 February 2010
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32 views
It's as early as later part of 2009, Toyota Cars was praised for their austerity measure in cost cutting and manufacturing wonderful machines. Now, all that are shattered with major accidents reported on their front model cars - many fatal - has placed the company from the most admired global car company to next to shadily managed company. A recent report puts the company in calling into more than half a million New Prius and other hybrid cars for braking problems.
Will the company restore its name ever?
via Reuters
Will the company restore its name ever?
Quote
Toyota adds new Prius to global recall list
www.reuters.com.jpeg
TOKYO (Reuters) - Toyota Motor Corp said it would recall nearly half a million new Prius and other hybrid cars for braking problems as it battled criticism of its response to the spiraling safety crisis.
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The world's largest automaker, whose reputation for quality is on the line, is under fire for two other recalls covering more than 8 million vehicles worldwide due to problems with slipping floormats and sticky accelerator pedal.
Toyota put an end to days of speculation on Tuesday, confirming that it would it would recall more than 400,000 hybrid models, including the latest version of its iconic Prius, to fix a problem with the regenerative brakes, which help charge the cars' electric batteries.
Ratings agency Moody's said it was reviewing Toyota's "AA1" rating for a possible downgrade, saying the carmaker faced considerable uncertainty over its operating and financial profile in the coming year, and possibly beyond.
Toyota also faces a potential rush of litigation for crashes linked to acceleration problems on the models recalled earlier and blamed for 19 deaths and numerous injuries in the United States over the past decade.
Chastised by safety authorities and members of U.S. President Barack Obama's administration for moving too slowly on those recalls, Toyota President Akio Toyoda said he never believed the company was infallible but it had always tried to repair defects swiftly.
Japanese Transport Minister Seiji Maehara added his voice to criticism from the U.S., telling Toyoda he had hoped for swifter action. Maehara was due to meet the U.S. envoy to Japan on Tuesday to smooth relations between the two sides over the recall.
"Let me assure everyone that we will redouble our commitment to quality as a lifeline of our company," President Toyoda, the grandson of the company's founder, told a news conference in Tokyo.
"With myself taking the lead, and by keeping to the 'genchi genbutsu' principle, all of us at Toyota will tackle the issue in close cooperation with dealers and suppliers together, we will do everything in our power to regain the confidence of our customers," he said, first in Japanese, then in English.
Genchi genbutsu, meaning "go and see," is one of the five principles in Toyota's much-emulated management and production philosophy.
In Toyota City, central Japan, where the carmaker is based, 55-year-old factory worker Kazuo Akatsuka said: "I think the decision came a little too late, but now the recall is official and as a Toyota worker, I feel better."
www.reuters.com.jpegTOKYO (Reuters) - Toyota Motor Corp said it would recall nearly half a million new Prius and other hybrid cars for braking problems as it battled criticism of its response to the spiraling safety crisis.
Hot Stocks
The world's largest automaker, whose reputation for quality is on the line, is under fire for two other recalls covering more than 8 million vehicles worldwide due to problems with slipping floormats and sticky accelerator pedal.
Toyota put an end to days of speculation on Tuesday, confirming that it would it would recall more than 400,000 hybrid models, including the latest version of its iconic Prius, to fix a problem with the regenerative brakes, which help charge the cars' electric batteries.
Ratings agency Moody's said it was reviewing Toyota's "AA1" rating for a possible downgrade, saying the carmaker faced considerable uncertainty over its operating and financial profile in the coming year, and possibly beyond.
Toyota also faces a potential rush of litigation for crashes linked to acceleration problems on the models recalled earlier and blamed for 19 deaths and numerous injuries in the United States over the past decade.
Chastised by safety authorities and members of U.S. President Barack Obama's administration for moving too slowly on those recalls, Toyota President Akio Toyoda said he never believed the company was infallible but it had always tried to repair defects swiftly.
Japanese Transport Minister Seiji Maehara added his voice to criticism from the U.S., telling Toyoda he had hoped for swifter action. Maehara was due to meet the U.S. envoy to Japan on Tuesday to smooth relations between the two sides over the recall.
"Let me assure everyone that we will redouble our commitment to quality as a lifeline of our company," President Toyoda, the grandson of the company's founder, told a news conference in Tokyo.
"With myself taking the lead, and by keeping to the 'genchi genbutsu' principle, all of us at Toyota will tackle the issue in close cooperation with dealers and suppliers together, we will do everything in our power to regain the confidence of our customers," he said, first in Japanese, then in English.
Genchi genbutsu, meaning "go and see," is one of the five principles in Toyota's much-emulated management and production philosophy.
In Toyota City, central Japan, where the carmaker is based, 55-year-old factory worker Kazuo Akatsuka said: "I think the decision came a little too late, but now the recall is official and as a Toyota worker, I feel better."
via Reuters
