japanese automakers

Somebody forgot to tell the automakers that the economy is going downhill: Auto sales in September were up 10% over last year's numbers, with all of Detroit's Big Three posting solid gains. Imports, however, did not fare as well. Can Toyota, once unstoppable, win back its former primacy, post-tsunami and accelerator debacle?

Rivals Nippon Steel and Sumitomo Metal Industries will merge to create the world's second largest steel producer.

Already besieged by two recalls this year, Toyota Motor (TM) said Tuesday it is recalling 7,300 of its 2010 Camry sedans for possible braking problems, raising the number of cars the world's largest automaker has recalled to more than 8.5 million since last fall.

Toyota President Akio Toyoda finally breaks his silence as the Japanese automaker struggles with massive recalls and serious damage to its reputation. At a Friday news conference, Toyoda apologized to customers for recalls involving some of its most popular models.

The National Highway Traffic Safety Administration says it will look into reports that the 2010 Toyota Prius suffers from momentary loss of braking power when encountering bumps, potholes or uneven road surfaces. The agency said it has received 124 complaints from consumers, including four involving crashes.

The admission overshadows a good profit report for its fiscal third quarter. But the quarterly report covers a period before the gas-pedal recall and others, so the profit is likely to be short-lived as Toyota scrambles to make repairs and rebuild its reputation.