Despite three recalls that have spanned three continents and involved more than 8 million vehicles, Toyota has sat by in relative silence. However, company CEO Akio Toyoda – the grandson of the automaker’s founder – officially addressed the media in Japan earlier on Friday.
Speaking at an impromptu press conference, Toyoda again apologized for the company’s latest safety problems. Toyoda affirmed Toyota would do its “utmost to regain the trust” of its customers, but also acknowledge how serious the current situation is.
“I believe what is happening now is a very big problem. We are in a crisis,” Toyoda said, according to The New York Times. Toyota has already recalled more than 8 million vehicles worldwide and is expected to announce another recall in the coming days involving some of the automaker’s popular hybrid models.
In addition to apologizing to Toyota customers, Toyoda also apologized to owners of Toyota’s stock. The Japanese automaker’s stock value has tumbled 20 percent in the last two weeks.
Toyoda also revealed his company has established a new committee to review quality issues.
