Toyota Announces Worldwide Prius Recall

Toyota president Akio Toyoda apologized to customers as he confirmed the widely expected worldwide recall of 437,000 Prius and other hybrid vehicles today. "We sincerely acknowledge safety concerns from our customers," he said at a press conference in Tokyo. "We have decided to recall as we regard safety for our customers as our foremost priority."

The recall of the company's flagship brand over braking issues is another massive blow to Toyota, following earlier recalls affecting over 7 million vehicles. Its share price, however, has started drifting upward again after plunging nearly 20% in recent weeks. "The fact that they're taking concrete steps on the issue is being seen as positive," one analyst tells Reuters. (More Toyota Prius stories.)