Toyota Motors
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Toyota Motors ™
Juliette Johnson
University of Phoenix
FIN/370
Frank Olivieri
July 26, 2010
Toyota Motors
Toyota is a Japanese automaker that was founded in 1933 and headquartered in Toyota city, Japan. In 1947, Toyota established business in North America. Toyota currently manufactures a total of 12 vehicles, which includes the Avalon, Camry, Corolla, Highlander, Matrix, RAV4, Sienna, Sequoia, Tacoma, Tundra, Venza, and the Lexus RX 350. Today, Toyota at this time has 13 manufacturing plants, more than 1800 dealerships and over 35,000 employees in North America. Toyota began to take the US auto industry one state at a time rising to become the world’s largest automaker in terms of selling more cars and trucks than GM, Ford, and other automakers. However, like everyone else, the economic recession and difficult economic environment caused profits to fall during the year of 2008 and 2009. Adding even more fuel to the existing profit decrease was the Toyota recalls that took place the latter part of 2009 and the early part of 2010. This paper will discuss the nature of the recalls, the impact on the company that the steps taken to resolve the matter.
For the past three decades, the number one automaker Toyota has held a solid reputation for quality vehicles. On February 28, 2010, that changed due to the recall of more than a million of their vehicles. The recalls were due to accelerator pedal sticking to the floor resulting in accidents. As of February 2010, Toyota is facing over 30 law suites regarding the accelerator problem. In addition to the recall of 8 million vehicles worldwide, according to Phil LeBeau, a CNBC Correspondent, the Feds slapped a $16,375 million dollar fine on Toyota for dragging its feet recalling the faulty gas pedals and is accused of knowing and hiding the problem. I don’t know if the fine was a result of any other reason than delay of the recall, but I feel it was warranted because you...
Juliette Johnson
University of Phoenix
FIN/370
Frank Olivieri
July 26, 2010
Toyota Motors
Toyota is a Japanese automaker that was founded in 1933 and headquartered in Toyota city, Japan. In 1947, Toyota established business in North America. Toyota currently manufactures a total of 12 vehicles, which includes the Avalon, Camry, Corolla, Highlander, Matrix, RAV4, Sienna, Sequoia, Tacoma, Tundra, Venza, and the Lexus RX 350. Today, Toyota at this time has 13 manufacturing plants, more than 1800 dealerships and over 35,000 employees in North America. Toyota began to take the US auto industry one state at a time rising to become the world’s largest automaker in terms of selling more cars and trucks than GM, Ford, and other automakers. However, like everyone else, the economic recession and difficult economic environment caused profits to fall during the year of 2008 and 2009. Adding even more fuel to the existing profit decrease was the Toyota recalls that took place the latter part of 2009 and the early part of 2010. This paper will discuss the nature of the recalls, the impact on the company that the steps taken to resolve the matter.
For the past three decades, the number one automaker Toyota has held a solid reputation for quality vehicles. On February 28, 2010, that changed due to the recall of more than a million of their vehicles. The recalls were due to accelerator pedal sticking to the floor resulting in accidents. As of February 2010, Toyota is facing over 30 law suites regarding the accelerator problem. In addition to the recall of 8 million vehicles worldwide, according to Phil LeBeau, a CNBC Correspondent, the Feds slapped a $16,375 million dollar fine on Toyota for dragging its feet recalling the faulty gas pedals and is accused of knowing and hiding the problem. I don’t know if the fine was a result of any other reason than delay of the recall, but I feel it was warranted because you...