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Financing inventory, however, is only one part of the equation. Consumers have more choices now; the competition has gotten much tougher. Also, consumers are much less loyal to brands, so the negative impact could be more severe. "Toyota is big enough to survive, but this hits them at the core. The recovery plan coming out of this mess is going to be critical," says Toprak, who suggests that Toyota will probably have to spend heavily on advertising and incentives to restart sales when the problem is finally identified. (See the most important cars of all time...
Toprak believes that Toyota's problems could prompt consumers to take a second look at American brands such as Ford and Chevrolet and could also boost Korean nameplates such as Hyundai and Kia, which have lineups that closely match Toyota's. Even European luxury makers such as Mercedes-Benz and BMW, which have been eclipsed by Toyota's Lexus brand, could benefit, he says...
...Toyota officials insist that the company's reputation for quality, reliability and durability, which is at the heart of Toyota's brand appeal to consumers, will survive. Judging from the automaker's new advertising campaign - which extols the reliability and durability of the company's vehicles and notes that 80% of the Toyotas sold in the past few decades are still on the road - company executives are clearly concerned about the fallout from sharply rising recalls. Another sign of their anxiety: the automaker is stepping up plans to make some expensive safety options, like electronic stability control, standard...
...Toyota hasn't tallied how much the recall will cost, said Yoshimi Inaba, the company's top executive in the U.S., after a speech in Detroit. But he said Toyota is committed to using the recalls to impress customers with the company's service. "It is an opportunity to prove ourselves to them," he said...
Inaba also noted that Toyota continues to invest heavily in research and development, spending more than $9 billion in 2009, "with emphasis on safety and on the environment." Nevertheless, Toyota faces significant challenges from both Volkswagen AG and a re-emergent General Motors Corp. as it struggles to keep its standing as the world's top automaker. Both Volkswagen and GM are in a better position to cash in on growth in key emerging markets such as Brazil, Russia, India and China, according to a new study by the Boston Consulting Group. (See pictures of American muscle cars in movies...