Toyota Prepares For Important Product Launch

NOTE: WWJ AutoBeat Reporter Jeff Gilbert will be covering the unveiling of the new Camry. You can follow his Twitter feed (@jefferygilbert) here.

DEARBORN (WWJ) -- Toyota--which has faced the 1-2 punch of a major recall, followed by a major earthquake—takes a big comeback step today. It will reveal its most important product in years, the all-new 2012 Camry.

"It has become in a lot of ways, sort of the token car, the car by which Toyota is judged in a lot of ways," says Jim Hall, managing partner of the industry consulting firm 2953 Analytics.

Toyota has been teasing the new Camry for several months, attempting to build interest. It will be unveiled in a series of connected events, here in Detroit, in Hollywood and at the Georgetown, Kentucky factory where the Camry is built.

This version of the Camry is more important than most, as Toyota's sales were hit last year by a big recall, and harmed this year by parts shortages caused by the March earthquake in Japan.

Toyota is expected to follow the Camry unveiling with a series of strong incentives, along with a major advertising campaign.

"It's letting people know that Toyota is not out of the game, and they're going back to find some of the core elements that people love about Toyotas," says Hall.

The Camry remains the best selling car in America. But, it's facing increased competition from the Chevrolet Cruze small car and an all new version of the Hyundai Sonata.

Next year, General Motors will come to market with a totally redone Chevrolet Malibu. The Chrysler 200—which replaced the much maligned Sebring—has also made Chrysler more of a player in the mid size sedan market.

In addition to problems related to recalls and parts shortages, Toyota has also faced criticism that it's cars are too bland. At the 2011 North American International Auto Show, the company's President Akio Toyoda promised to do something about that.

"I think cars need to be better looking," he said through an interpreter. "The better looking the car, the better off the car."