Toyota May be Entering Death Spiral

Akio Toyoda, Toyota’s embattled chief executive, agreed to appear before a US House Oversight Committee which is investigating his company's recall over over 8 million cars. Having previously turned down the committee's formal request, Toyoda said “I look forward to speaking directly with Congress and the American people".

Toyoda's change of heart came as the as the House oversight committee issued a subpoena for documents that are being held by Dimitrios Biller, Toyota’s managing counsel from 2003 to 2007. Biller has accused Toyota in court of hiding evidence of car defects from safety officials and consumers, and had been previously barred by injunction from publicly disclosing confidential documents in his possession. The House subpoena supersedes Toyota's injunction.

This is quickly moving from a nuisance to the world's most successsful car manufacturer to a significant problem which is now undermining the entire company. The subpoena for Biller's records seems to have the company so worried that it is reversing its position on its Chief's testifying in the US. They are now so disturbed that they are going to roll the dice by sending Toyoda, who does not speaking English, to a hearing that the entire country will be watching.