While the company's financial reports were improving, a number of vehicle recalls signalled that its famed quality was slipping, and Mr. Toyoda began to sound the warning bell.

Jacobson's goal to be in financial services was based on her desire to help people, and that's what she's doing now, she says, by helping customers find the right vehicle and appropriate payment plan.

But Mr Williams' comment follows reports in the Financial Times and elsewhere that Apple has a secret team of automotive engineers and designers working towards an electric vehicle.