Toyota spreads promises of reform to restore company name

Toyota CEO Akio Toyoda rolled out a series of apologies and promises following his appearance before Congress on Wednesday.

Toyota CEO Akio Toyoda rolled out a series of apologies and promises following his appearance before Congress on Wednesday. The automaker head vowed to do whatever it takes "to advance safety to the next level," meeting with US transportation secretary Ray LaHood and traveling to Toyota's Kentucky manufacturing plant to oversee some of the production taking place there.

During his testimony in front of the Congressional committee, Toyoda pledged to create a new position at the company, a product safety executive, and repay customers for repairs and rental cars related to the recall of more than eight million vehicles. Toyoda has also promised more local control of safety reviews, to respond faster to complaints, and to install black box devices in some vehicles similar to those used to track data on airplanes.

Meanwhile, analysts are saying Toyota's reputation woes will affect its market share for February.

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