CHARLOTTE, NC (WBTV) - Toyota the titan is shrinking right before our eyes in a crisis that seems to be getting worse every day.
Toyota Motor Corp. just announced that it is extending an already widespread recall to Europe and China. The problem stems from a faulty accelerator pedal problem.
The Japanese automaker says it doesn't know how many cars it will have to recall overseas. Here in the U.S., production will be halted for at least a week.
Toyota has already halted sales on eight models that represent 57 percent of its sales last year, and the company is about to post its second annual loss.
Analysts say this mess could cost billions.
But, the whole thing is causing American automakers to stand a little taller.