Toyota Makes $1.2 Billion in First Quarter Despite Recall Problems

Toyota returned to profit in the fourth quarter despite the Japanese carmaker's recall problems being at their height.

Photo: Toyota Makes .2 Billion in First Quarter Despite Recall Problems

In the three months to the end of March, Toyota made profits of 112bn yen ($1.2bn; £810m) a rebound from a 766bn yen loss for the period in 2009. Toyota was hit by a string of recalls, but cut its prices to keep buyers going into showrooms, BBC News says.

On Monday, the U.S. National Highway Traffic Safety Administration said it is carrying out a new investigation into Toyota to see whether it had stalled on a recall for a steering defect in 2005 in the U.S. It had carried out recalls for similar problems in Japan in 2004.

Toyota has already paid a maximum fine of $16.4 million for dallying on a recall for acceleration problems, and NHTSA could slap it with a fine of up to that amount again over the steering issue, The Associated Press informs.