Toyota is facing a potential record settlement of around USD 1.2 billion (Rs 7,336.8 crore) in the US over disclosure of its past safety issues.

The settlement, worth around £602 million (Rs 3,692.6 crore), relates in particular to a problem over unintended acceleration in some of its cars. The company recalled millions of vehicles over the issue in the late 2000s. The settlement would be paid to the US justice department.

Expected to be included as part of the deal is a deferred prosecution agreement, which would allow Toyota to avoid criminal charges so long as it makes changes imposed by the court. According to the Wall Street Journal, the settlement has yet to be finalised.

Speaking to the paper, a Toyota spokesman said the company had been looking into the matter "for more than four years".

"During that time, we have made fundamental changes to become a more responsive and customer-focussed organisation," said the spokesman. "And we are committed to continued improvements."