JOIN USNew US documents showed on Monday how the company beat back US safety regulators’ efforts for a wider probe in 2007 and disclosure of a US Securities & Exchange Commission request for documents.
Following this, a Japanese government official expressed concern about the effect Toyota’s problems could have on the country’s exports. “Strong growth in Asia-bound exports seems to be slowing, and we also have to consider Toyota’s recalls, so we’ve given a cautious judgment on exports,” Keisuke Tsumura, a parliamentary secretary on economic affairs, said as the government issued a report on the economy.
Toyota Chief Akio Toyoda is scheduled to testify before the US House Oversight and Government Reform Committee on Wednesday. In a preview of the line he could take in his testimony, Toyoda said in a statement published in the Wall Street Journal that he was committed to making sure that Toyota learned from the crisis and changed its ways. Toyota said it would cooperate with the investigations.
Limited recall
Meanwhile, Toyota estimated that it saved $100 million by negotiating with regulators for a limited recall of 2007 Toyota Camry and Lexus ES models for sudden acceleration, the same problem that has since prompted it to recall millions of cars, documents turned over to a Congressional committee showed on Sunday.
Further, the estimate was in a confidential presentation from July 2009 listing legislative and regulatory ‘wins’ for the company.