2008-2010
With high gas prices and a weak US economy in mid 2008, Toyota reported a double-digit decline in sales for the month of June, similar to figures reported by the Detroit Big Three. For Toyota, these were attributed mainly to slow sales of its Tundra pickup, as well as shortages of its fuel-efficient vehicles such as the Prius, Corolla and Yaris. In response, the company has announced plans to idle its truck plants, while shifting production at other facilities to manufacture in-demand vehicles.
In January 2010, Toyota suspended sales of eight recalled vehicle models to fix accelerator pedals with mechanical problems that could cause them to become stuck. In December 2012, Toyota announced an agreement worth more than US$1,000 million to settle a lawsuit involving unintended acceleration in some of its vehicles.
Read more about this topic: History Of Toyota