Summary-Main points from Toyota chief press conference

NAGOYA, Feb 5 (BestGrowthStock) – Toyota (7203.T: ) President Akio
Toyoda on Friday apologised for safety problems that have left
the Japanese carmaker “in crisis.”

Following are the main points from a news conference he held
in Nagoya, near the automaker’s headquarters of Toyota City, in
central Japan:

(For more stories on Toyota’s recall, click on

* Toyota to set up “special committee for global quality,”
to be headed by Toyoda

* The committee will re-examine the quality of Toyota’s
design, manufacturing, sales and service; strengthen information
gathering at regional level; set up an “automotive centre of
quality” to train experts on quality management; seek outside
experts to set up new monitoring function for quality management

* Toyota is trying to decide promptly how to handle Prius
braking issue; will announce measures as soon as decision made

* Toyoda says addressing media to remove remaining customer

* Toyoda says believes consumer trust will return gradually
in the United States

* Toyoda says told U.S. Transport Secretary Ray LaHood that
Toyota has been working towards more independent regional
operations in the United States over 50 years, seeking to
contribute to local community

* Toyoda says when he took his post last June, company was
in “stormy waters without navigational tools”. Now, company has
ability to chart course

* Toyoda says will cooperate fully with U.S. authorities on
ongoing investigations

* Asked for a message in English, Toyoda says he was worried
that some drivers were concerned about their Toyotas. “But
believe me, Toyota’s cars (are safe),” he said

* Toyoda says sales recovery is secondary to quality

* Toyoda says producing cars outside Japan, with localised
parts, is part of Toyota’s efforts to contribute to local
economy, create jobs

* Toyoda says big fall in Toyota’s market capitalisation has
caused concern for shareholders. “We are doing our utmost to
restore trust in the company, and we would like to ask our
shareholders to continue to support us with a long-term view.”

* Executive Vice President Shinichi Sasaki, in charge of
quality issues, says U.S. Transport Secretary’s advice to
suspend sales, production amid recalls created some confusion on
the ground at first, but in retrospect he was “very grateful”
because waiting longer would have prolonged recovery in consumer
trust and damaged brand image further.

Investment Analysis

(Reporting by Chang-Ran Kim; Editing by David Cowell)

Summary-Main points from Toyota chief press conference