While Toyota maintains its position that recent accelerator issues have only to do with floor mats, the company has reportedly agreed to "make changes to gas pedals in certain U.S. models under an agreement with the National Highway Traffic Safety Administration." That means that 3.8 million Toyota products – among which are the Camry, Avalon, Prius, Tacoma, Tundra, and Lexus IS250, IS350, ES350 – will be recalled to address the accelerators.
With negotiations said to be ongoing between the NHTSA and Toyota, the automaker hasn't said what those changes will be, nor has it stated exactly when the recall will begin. According to Reuters, Toyota has a $5.6 billion slush fund to pay for recalls so the repair costs, while sure to be intergalactic, shouldn't affect earnings. The company can only hope now that the rumors, current lawsuits, other current lawsuits, yet-to-be-filed lawsuits, and the 24-hour news cycle don't do the kind of damage that is much worse than merely financial.
[Source: Reuters, MarketWatch]