Akio Toyoda, president of Toyota Motor, spoke at a news conference in Tokyo on Friday and spoke candidly about the current state of Toyota and the sorrow cause by the floor mat entrapment and sticky accelerator pedal issues.  Akio stated:

“Four precious lives have been lost. I offer my deepest condolences.  Customers bought our cars because they thought they were the safest. But now we have given them cause for grave concern. I can’t begin to express my remorse.”

The press conference also shocked reporters as Akio Toyoda admitted that the company was not prepared for the global slowdown in the economy.  He also regretted having to close their first manufacturing plant in California.

According to a New York Times article:

Further, Mr. Toyoda said his company was shamefully unprepared for the global economic crisis that has devastated the auto industry, and is a step away from “capitulation to irrelevance or death.” The company, he added, is “grasping for salvation.”

Although Toyota has signaled that a fix has been found, the company will need to work with the NHTSA and other government agencies before a process can be implemented to fix the millions of recalled cars in the USA.  Conumers are growing frustrated and have been sharing their comments on our forums.

The ripple effects from the recall are vast. Automotive rentals companies have shelved over one million Toyota cars and have been forced to purchase cars from other vendors.  Our reports indicate that car rental companies are buying thousands of cars to fill the gaps in demand in the fleets.   We will know better next month which companies will benefit the most from Toyota’s ill-fortune.

Tags: Akio Toyoda, Akio Toyoda recall, Akio Toyoda speach