Toyota close on repair

The Japanese automaker is seeking approval from the National Highway Traffic Safety Administration for the fix, which could come in the next few days, posts the WSJ. If that happens, production could begin next week and dealers could be getting the new part within the next two weeks.

The company is calling the equipment repair a "spacer" that would be inserted into the gas pedal, increasing the tension in a spring and helping to prevent the accelerator from sticking in position. "We have got some options that are going to address the issue," Toyota spokesman Mike Goss said. "I can't confirm what the fix is."

Late Wednesday Toyota said the company has revised the design of the gas pedal in conjunction with its parts supplier, CTS Corp., for newly manufactured vehicles. "Pedals featuring the revised design are now in full production at CTS to support Toyota's needs," Toyota said in a statement Wednesday.

Hundreds of millions of dollars would be lost each week the company isn't selling cars.