POSTED: Thursday, January 28, 2010 - 10:25pm
UPDATED: Tuesday, March 23, 2010 - 12:42pm
2.3 million Toyotas are recalled for sticky accelerators.
Now Toyota officials say they have a fix for the problem, and there are three plants ramping up production for this fix.
Three plants are gearing up production of so-called "sleeves" to fix the problems with the accelerator pedals on the Toyotas that are already on the road.
Production of the eight affected models is being stopped until the week of February 1st and the sale of those models is also on hold.
Financially-troubled General Motors is taking this opportunity to try to cash in on Toyota's misfortune.
One day after Toyota announced its massive recall, G.M. launched an ad campaign advertising major discounts on their brands.
Ford is offering a thousand dollars for anyone who turns in a 1995 Toyota or Honda.
This has already affected Toyota's bottom line.
Yesterday, stock fell more than four-percent.
Today the stock fell by just under four-percent.
They're forecasting a loss of nearly four billion dollars for the year.