Toyota Says They've Found a Fix for Accelerator Problem

There's nothing like the prospect of losing $550 million per month to spur innovation. Toyota has told its employees that it has figured out a way to fix a problem with sticking accelerator pedals, and will begin briefing them on the details on Friday.

In an e-mail to employees sent out Thursday, Toyota said it had presented the fix to the National Highway Traffic Safety Administration. On its website, the company said that engineers are working around the clock to fix the problem which is present in eight of its models, including its top-selling Camry.

According to the automaker and the company that makes the gas pedal systems, the accelerators rarely stick. But earlier this week Toyota halted sales and production of the models, and has recalled at least 2.4 million cars and trucks in the U.S., Europe, and China due to the problem.

The House Oversight and Government Reform Committee has launched an investigation into the problems with Toyota's accelerator pedal systems, and has scheduled a hearing for Feb. 4 entitled "Toyota Gas Pedals: Is the Public at Risk?" A second House investigative panel is planning a hearing for Feb. 25 on Toyota recalls.