Toyota Motor Corporation (TM) is announcing three separate recalls, covering a total of 361,800 vehicles worldwide, according to media reports. The largest among the three recalls covers 170,000 Camry sedans that have a defective ball joint, which can drive the vehicle out of control. Most of the recalled Camry vehicles are in Europe (120,000 vehicles), while majority of the residual ones are in Japan (40,000 vehicles).
The second largest recall covers 105,800 vehicles, mostly in Japan. These vehicles need fuel pipe replacement. The vehicles covered under the recall are Hiace, Regius Ace and Dyna models.
The last of the three recalls covers 86,000 Crown and Crown Majesta vehicles in Japan. Toyota will replace the outer seat belt assemblies of these vehicles.
The company clarified that no accidents, injuries or fatalities have been reported due to these problems.
Toyota had announced three recalls in a week in October as well. The largest of the three recalls covered 1.7 million vehicles globally. These vehicles were recalled for a possible fuel leak, which could result in fire. Another recall covered 800,000 Crown Majesta, Crown, Noah and Voxy vehicles manufactured between Jun 2007 and Jun 2012. These vehicles were recalled in Japan, China and other parts of Asia due to possible leakage in the brake master cylinder. Toyota also recalled 190,000 Corolla, Rumion and Auris models for problems in the fuel evaporator emissions control unit.
In the beginning of October, Toyota also recalled 690,000 Tacoma pickup trucks on concerns that the leaf springs in the rear suspension system could break due to pressure and rust. A vehicle driven in such a situation could cause the broken particles to come into contact with the surrounding vehicle parts, including the fuel tank, and pierce them. This could give rise to a fuel leak and even set the vehicle on fire.
Currently, Toyota carries a Zacks Rank #1 (Strong Buy). Investors interested in the same industry could also consider stocks like Gentex Corp. (GNTX), Douglas Dynamics, Inc. (PLOW) and STRATTEC Security Corporation (STRT), all sporting a similar Zacks Rank #1.
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