Monday, March 1, 2010

Does Greece need this?; Toyota damage control


For a guy who was being severely criticized for staying behind the scenes for too long when his company was hitting one pothole after another, the president of besieged Toyota Motor Corp. (TM-N73.81-1.02-1.37%) sure is moving around quickly these days.

After spending some time in the U.S. last week being grilled by a congressional committee, Akio Toyoda continues to take his damage control on the road, apologizing for the recall of 8.5 million vehicles.

So where is Mr. Toyoda today? He's in China. China makes up only a small percentage of the autos pulled worldwide since October for sticky gas pedals, faulty floor mats and glitches in braking software. So why was it his next target?

Auto sales in China have become increasingly critical for auto makers as sales lag in traditional markets. Last year, China overtook the United States as the biggest auto market, with a 48-per-cent jump in sales, and auto makers are looking to it to offset weak global demand and drive future growth.

His message was little changed.

“The Chinese market is very important, so I flew here in person in the hope my personal expression of an apology and explanation will give customers some relief,” Mr. Toyoda said.

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