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Toyota Cited $100 Million Savings by Delaying Safety Regulations

HeadlineFeb 22, 2010

In business news, a newly disclosed internal memo shows a Toyota executive boasted last July that the company saved $100 million by convincing US regulators to end a 2007 investigation of sudden acceleration complaints by issuing a limited recall of floor mats in some vehicles. The document cites millions of dollars in other savings by delaying safety regulations, avoiding defect investigations and slowing down other industry requirements. Since then, Toyota has recalled over eight million vehicles. Toyota’s President Akio Toyoda is scheduled to testify before on Capitol Hill Wednesday.

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