Toyota CEO Apologizes for Recalls, Acknowledges Prius Braking Problems

It's never too late to say you're sorry -- or so Toyota hopes. Speaking at a hastily called news conference late Friday in Japan, the beleaguered auto giant's president apologized for the recent spate of recalls and acknowledged that its new-generation Prius, which went on sale in May, has brake problems. President Akio Toyoda said Toyota Motor (TM) is still deciding whether to recall the popular hybrid vehicle.

Toyoda, grandson of the company's founder, promised to set up a special committee, which he would head himself, to monitor and boost quality, the Associated Press reported. Toyoda has faced criticism for his seeming absence amid the crisis, the worst since the company's founding in 1937.