Toyota Motor Corp (ADR) (NYSE:TM) (TYO:7203) announced on Wednesday, October 15th that it planned to recall 1.67 million vehicles worldwide for defects relating to faulty brakes and potential problems with fuel components.
The car maker also noted that was not aware of any injuries or deaths relating to the defects.
Relying On Old-Fashioned Stock Picking, Lee Ainslie Reports His “Strongest Quarter” Ever
Lee Ainslie's Maverick Fund USA enjoyed its "strongest quarter in the fund's history" during the three months to the end of June. According to a copy of the firm's second-quarter letter to investors, which ValueWalk has been able to review, Maverick Fund USA gained 18% in the second quarter. Following this performance, the fund was Read More
More details on the recall
The Japanese auto maker explained in an email to The Wall Street Journal that around 802,000 vehicles had a defect in their brake systems, and that this problem impacted some Crown Majestic, Crown, Noah and Voxy models built between June 2007 and June 2012.
The email also noted said around 759,000 vehicles globally produced between January 2005 and September 2010 had problems with their fuel delivery pipes, which increased the risk of leaking fuel and the possibility of fires. Moreover, some of these Toyota Motor Corp (ADR) (NYSE:TM) (TYO:7203) vehicles are subject to recalls for both the brake system and the fuel delivery pipes.
An additional 190,000 vehicles in Japan are also being recalled for issues relating to their fuel evaporative emission control units. Corolla Rumion and Auris models manufactured between October 2006 and October 2014 are impacted.
Earlier Toyota recalls
Much like General Motors, Toyota has been working very hard to restore its good reputation after a recent spate of safety problems.
Toyota Motor Corp (ADR) (NYSE:TM) (TYO:7203) issued a recall of 6.39 million vehicles back in April in its second-largest recall announcement ever. Then in June, the firm recalled nearly 2.3 million vehicles for faulty airbag inflators (a problem that has also bedeviled other auto manufacturers).
Later in June, The company also expanded a 2013 recall involving a defective passenger-seat airbag. The initial recall involved 2.14 million vehicles globally, of which 310,000 were in Japan and 1.83 million were abroad.