Toyota reeling from pedal recall

Friday, January 29, 2010 - 6:41pm

UNDATED - 2.3 million Toyotas have been recalled for sticky accelerators.

Toyota says it has a fix for the problem and have three plants ramping up production to get the job done.

Meanwhile 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, GM launched an ad campaign advertising major discounts on Chevy, Cadillac, Buick or GMC models.

Ford is offering $1,000 for anyone who turns in a 1995 Toyota or Honda vehicle.

The recall has already affected Toyota's bottom line and their stocks have taken a hard hit, falling by more than 4% for two days in a row.

They're forecasting a loss of nearly four billion dollars for the year.