Toyota Motor Corp. To Lose an Estimating $2.7 Billion In 2010

Most Americans are aware of Toyota Motor Corp., recalling 4 million vehicles with unresponsive and, in some cases, stuck gas pedals. Toyota is estimating a loss $2.7 billion in 2010. U.S. dealers say they spend more time answering calls from existing Toyota customers than enticing new customers to buy vehicles not equipped with the faulty part and that is impacting new sales.

Toyota states on their website, “Toyota has taken the unprecedented step of stopping production to help serve our customers quickly and ensure that all new Toyota vehicles going forward do not experience this problem.” Brian Johnson, an automotive analyst at Barclays Capital, expects Toyota to see its market share decline each week the shut-down is in effect

While the company is focusing all of their energy and resources on remedies to fix the issue, they also face a pending class-action lawsuit, after 19 deaths have been related to the faulty accelerator pedal. The most recent accident in Southlake, Texas – killed four Jehovah Witness’ riding together to promote their faith. Southlake, investigators say, the vehicle crashed through a fence and hit a tree before landing upside down in a pond.

On February 4, 2010, The U.S. House Oversight and Government Reform Committee will investigate the recalls and suspensions, in a hearing called “Toyota Gas Pedals: Is the Public at Risk?” Another House investigative panel has scheduled a hearing of its own for Feb. 25.

M&A Law Firm, suggest taking safety precautions if you, are anyone you know drives any of the following specific model names and years associated with the newly-expanded vehicles for the pedal entrapment recall include: Toyota’s 2009-2010 RAV4, Corolla and Matrix models; the 2005-2010 Avalon; 2010 Highlander; 2007-2010 Tundra and the 2008-2010 Sequoia; 2009-2010 Venza; 2009-2010 Pontiac Vibe, and some 2007-2010 Camry’s with gas pedal assemblies made by a specific Toyota supplier; your dealer will be able to check.

If you or anyone you know has a Toyota Vehicle that has a faulty Toyota Vehicle, and involved in an accident, let our team of attorneys help you! Visit our Website

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