Toyota leader offers apology

[WriteDown]

Source: Detroit Free Pass

In a stunning public admission, Akio Toyoda, president of Toyota Motor Corp. and grandson of the company's founder, apologized for the death of a California family in a crash that led the Japanese automaker to issue its largest U.S. recall and acknowledged Toyota is "grasping for salvation" as it faces another annual loss.

Together, the remarks show how the world's largest and seemingly unstoppable automaker -- best known for its high quality -- has been humbled by the global economic crisis, as well as other challenges.

Toyota is recalling 3.8 million vehicles in the United States to remove floor mats, which might have jammed the accelerator in the fatal California accident. Federal safety officials are investigating.

"Four precious lives have been lost," Toyoda said Friday in speech in Tokyo. "I can't begin to express my remorse."

He also lamented Toyota's challenges, saying, "We have to listen to our customers and make better cars."

While the humble remarks might seem odd for a top executive in America, extreme acts of humility are common from leaders in Japan.

And despite Toyota's record losses, which are expected to reach $5 billion this year, Toyota still has more than $20 billion in cash to revive itself.

Read more: http://www.freep.com/article/20091003/BUSINESS01/910030373/1318/Toyota-s-chief-offers-apology&template=fullarticle

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Americans need to buy more Toyotas.