This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Toyota to Begin Gas-Pedal Fix This Week

Updated from 2:53 a.m. EST

NEW YORK ( TheStreet) -- Toyota (TM - Get Report) said Monday it would begin fixing accelerator pedals in recalled cars this week.

In a statement, Toyota said its engineers "have developed and rigorously tested a solution that involves reinforcing the pedal assembly in a manner that eliminates the excess friction that has caused the pedals to stick in rare instances. In addition, Toyota has developed an effective solution for vehicles in production."

Vehicles Affected in the Toyota Recall

Toyota said parts to reinforce the pedals are already being shipped to dealers and dealer training has begun. The automaker also said it has stopped production of affected vehicles for this week.

"We know what's causing the sticking accelerator pedals, and we know what we have to do to fix it," said Jim Lentz, president and chief operating officer of Toyota Motor Sales U.S. A.

Toyota said it will install a precision-cut steel reinforcement bar into the gas pedal assembly that will reduce the surface tension between the friction shoe and the adjoining surface. "With this reinforcement in place, the excess friction that can cause the pedal to stick is eliminated," Toyota said.

Toyota is recalling up to 9 million cars worldwide, including 2.3 million in the U.S and Canada, and has halted production of eight cars in the U.S., while it sought to determine how to fix the problem.

The faulty gas pedals were made by CTS (CTS - Get Report). Officials at CTS said they have increased production at three factories to make redesigned gas pedals.

Honda (HMC - Get Report), meanwhile, has recalled certain models over a faulty window switch. The recall would involve a total of 646,000 vehicles, including 140,000 units in the U.S., reports say.

-- Reported by Joseph Woelfel in New York.

Follow on Twitter and become a fan on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
CTS $13.34 -0.22%
HMC $24.82 -0.12%
TM $103.57 -1.40%
AAPL $94.10 0.43%
FB $102.60 0.68%


Chart of I:DJI
DOW 15,901.11 +240.93 1.54%
S&P 500 1,855.66 +26.58 1.45%
NASDAQ 4,317.2860 +50.4490 1.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs