Toyota problem in China

Akio Toyoda bowed in apology to hundreds of journalists assembled at a Beijing hotel, just days after he said sorry to angry US lawmakers in Washington for faulty accelerator pedals blamed for more than 30 deaths.

Toyota has recalled more than 75,000 of its RAV4 sport utility vehicles made in China over faulty accelerators.

China’s product safety watchdog last week also warned drivers of imported Toyotas to have their cars — including the Tundra, Camry and Corolla models — checked for possible defects.

The Japanese auto giant’s sales in China surged 53 percent year on year in January, but the recalls have already dampened demand, leading Toyota to start discount sales, the Nikkei business daily said.

Shigeru Matsumura, an auto analyst at SMBC Friend Research Center, noted: “After China, he will likely make his next stop in Europe.”

Toyota has been under fire since January over a rash of defects and its delays in informing the public about them.

At least 34 deaths have been blamed on sudden acceleration in Toyota vehicles, according to complaints filed with US authorities.

A Toyota China official at the press conference said the company still hopes to sell more than 800,000 vehicles in China this year.

Source : Konaxis

0 comments

Add your comment

Commenting is allowed only for registered users.

Other articlesgo to homepage

China Raises Mortgage Rates

China Raises Mortgage Rates(0)

China raised mortgage rates by 25 basis points on Sunday, the Ministry of Housing and Urban-Rural Development said, the second increase this year, after benchmark interest rates increased on Saturday, reported Sunday’s Reuters.

China to Boost Minimum Wage

China to Boost Minimum Wage(0)

China plans to increase its minimum wage by at least 20 percent annually in the next five years, more than doubling it by 2015, to increase spending power and consumption, the South China Morning Post said Monday, citing Huang Mengfu, a government adviser.

China Will Expand Cross-Border Yuan

China Will Expand Cross-Border Yuan(0)

China will allow more regions and companies to settle cross-border trade in the yuan and boost offshore usage of the currency, the central bank said Friday, reported Bloomberg.

Bain Converts Gome Electrical Bonds

Bain Converts Gome Electrical Bonds(0)

Bain Capital LLC converted its 1.59 billion yuan ($236 million) bondholding in Gome Electrical Appliances Holdings Ltd. into a 9.98 percent equity stake, gaining votes at a shareholders? meeting this month, reported Wednesday’s Bloomberg.

Limits on Foreign Investment

Limits on Foreign Investment(0)

China is currently in the process of revising its foreign investment catalogue to expand the number of sectors for which foreign investment is encouraged or permitted, a senior official said Monday, reported Reuters.

read more

Contacts and information

Social networks

Most popular categories

Real Time Analytics