Akio Toyoda, the embattled Toyota chief executive, has admitted that the company lost its way and sense of priorities in its rapid rise to the top, culminating in a massive vehicle recall and a loss of consumer trust.
“I fear the pace at which we have grown may have been too quick,” Mr Toyoda says in written testimony released on Tuesday and due to be delivered on Wednesday before the US House oversight committee.
While safety used to be the company’s top priority, followed by quality and volume, the chief executive acknowledges that those priorities became “confused” in the expansion of its business.
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