Recalled Toyota models could create $2bn bill for company

By Jamie Pert - Feb 4, 2010

As you probably know Toyota’s recent recall has been devastating for the car manufacturer, a recent article posted on BBC News looks into exactly how much it has cost the company.

Million of vehicles have now been recalled due to the accelerator-related problem, as if things couldn’t get any worse they are now investigating a brake-related problem which may be affecting the Prius.

It is thought that the acceleration-related recall has cost Toyota $2bn so far, at one point the US Transportation Secretary Ray La Hood suggested that owners should stop driving their Toyotas, however he has since retracted these statements.

The brake-related problem is said to be related to the antilock brake system (ABS) used in the Prius, models sold since late January had this problem corrected, however Toyota are currently investigating “how to inform customers who had bought them earlier”.

All of these problems have been a nightmare for Toyota, it wasn’t too long ago since Toyota “knocked General Motors off the top spot in global vehicle sales”, however I very much doubt this will be still be the case this year.

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