Toyota Motor Corp president Akio Toyoda bowed deeply and apologized to shareholders yesterday for the troubles caused by massive global recalls of the company’s vehicles.
Toyoda was facing shareholders for the first time since the Japanese automaker’s reputation for quality was damaged by the recall crisis that started in October last year.
Again bowing deeply after the remark, Toyoda also said the company was doing its utmost to improve quality control and thanked shareholders for their support.
“I apologize deeply for the concerns we have caused,” he said. “We believe our most important task is to regain customers’ trust.”
Toyota, the world’s biggest automaker, has been working to patch up its reputation after more than 8 million vehicles were recalled worldwide over reports of unintended acceleration and other defects.
Toyota executive vice president Satoshi Ozawa said recall-related costs for the fiscal year ended March totaled ¥380 billion (US$4 billion).
Toyoda said directors on the board would forgo their bonus payments for the second year in a row. Directors didn’t get bonuses the previous year after Toyota reported the worst losses in its history as the financial crisis sent auto sales plunging.
Meanwhile, Toyoda promised Toyota would continue to grow, but without pursuing size for size’s sake.
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