Toyota still mulling decision on Prius brakes
The company's president apologizes for the global recalls of other models and annouces quality-control efforts.
By Joseph Woelfel, TheStreet
Toyota (TM) president Akio Toyoda apologized Friday for the global recalls at the automaker and said he will lead a committee to focus on quality control.
Toyoda (pictured) said the company is still deciding what to do about fixing brake problems in the popular Prius hybrid, The Associated Press reports.
It was reported earlier that Toyota intended to alert U.S. and Japanese governments about plans to recall 270,000 Prius hybrids, but the world's No. 1 automaker said no decision has been made.
"Nothing has been decided on whether we will recall or not," spokeswoman Ririko Takeuchi told AP.
Toyota said Thursday there were design problems with the antilock brake system in the new Prius, which went on sale in May. The automaker has corrected the design for Prius models sold since late January but not for vehicles sold before that time.
The braking problems on the Prius came to light after Toyota began a massive global recall because of sticking gas pedals. The Prius wasn't part of this recall. (Post continues after video)
Ford (F), meanwhile, plans to fix 17,600 Mercury Milan and Ford Fusion gas-electric hybrids because of a software problem that can give drivers the impression that the brakes have failed. The automaker says the problem occurs in transition between two braking systems and at no time are drivers without brakes, AP reports.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
The company has made at least 4 acquisitions in the space, and few people have paid any attention.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.