Toyota Announces Fix in Pedal Recall

Toyota on Monday announced a fix for about 2.4 million of its eight most popular models involved in a safety recall and sales and production suspension.

A precision-cut steel reinforcement bar will be installed at Toyota U.S. dealerships later this week. The smooth rollout of the fix could lead to a resumption of sales of models including its biggest seller Camry by the third week of February, sources said on Friday.

The procedure to reinforce the overall accelerator pedal can be done in about 30 minutes, Toyota US President Jim Lentz told CNBC.

“We are very confident that the fix in place is going to stop what’s going on,” Lentz said on “Squawk Box.”

Some press reports speculated that the problem could actually have to do with a fault in the electronics of the braking system, but Lentz dismissed that idea, saying that it has to do with moisture building up over time in the accelerator.

“I can tell you that the sticky pedal is a very rare occurrence and it happens over time,” he said.

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“We’ve apologized to our customers and we apologize for the concern and inconvenience we’ve caused. We are very sorry for that,” Lenz added.

He said Toyota’s reputation for quality has been paramount for the company’s 50-year history in the US.

“We take safety very, very seriously at this company,” said Lenz.

Sales of the models were suspended Jan. 26, and production of the same models at U.S. and Canadian plants stopped today. The production suspension will last at least this week, Toyota has said.

Toyota [TM  77.00  —  UNCH  (0) ] said it had tested the remedy for the recalled vehicles.

“Nothing is more important to us than the safety and reliability of the vehicles our customers drive,” said Jim Lentz, president and CEO of Toyota Motor Sales U.S.A.

“We deeply regret the concern that our recalls have caused for our customers, and we are doing everything we can — as fast as we can — to make things right.”

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