Toyota to Recall 2.8 Million Vehicles Worldwide
By Jerin Mathew | November 14, 2012 10:29 PM EST
Automotive giant Toyota is recalling nearly 2.77 million vehicles worldwide, owing to problems related to steering wheel and water pump system.
The recall, affecting nine models, including the Toyota Corolla and the second-generation Prius, is the second recall of the Japanese automaker in two months.
In October, the company recalled more than 7.4 million vehicles worldwide due to faulty power window switches, marking the industry's biggest single recall since Ford Motor's announcement for 8 million vehicles in 1996.
The latest recall will include nearly 75,000 vehicles in the UK, 1.5 million vehicles in Japan and 670,000 vehicles in the US.
The recall is due to inadequate hardness of the steering shaft leading to a deformation of the steering wheel and loss of steering ability, according to a company statement.
About 630,000 gasoline-electric hybrid vehicles will also be recalled to replace water pumps.
"In the hybrid system, there is an electrically driven water pump that circulates coolant through the hybrid components to provide cooling. There is a possibility that the electric motor installed in the water pump may stop functioning, leading to illumination of various warning lights in the instrument panel. In limited instances, the electric power supply circuit fuse may open, causing the hybrid system to stop while the vehicle is being driven".
Toyota dealers will replace the faulty components if needed. Deutsche Securities autos analyst Kurt Sanger estimated the repair costs in the range of $380-$500m (£239.55-£315.24m), according to a Reuters report.
However, no accidents have been reported yet due to the problem.
The company, which is the biggest carmaker in Japan, suffered damage to its reputation in 2009, when it recalled 12 million vehicles along with fines from the US regulators. The unintended acceleration problem of the recalled vehicles was suspected as the reason for fatal crashes occurred in the country.
Nevertheless, the latest voluntary recalls are not expected to damage the company's reputation, according to industry analysts.
"The company is taking appropriate measures to fix the problems, so I don't think this will cause significant damage to Toyota's reputation," the BBC quoted BNP Paribas auto analyst Koichi Sugimoto as saying.
To contact the editor, e-mail:
Most Popular Slideshows
- Flight MH17 Attack: Russians Claim 'Putin A Terrorist,' Memorial at Dutch Embassy Overflows [PHOTOS]
- Typhoon Rammasun Claims 18 Lives in China, Incurs $4.32B Losses (PHOTOS)
- Ellen DeGeneres Caught Cheating with Mutual Friend Before Portia de Rossi’s Rehab – Reports [PHOTOS]
- Malaysia Airlines MH17: Vital Black Boxes Finally Land in Hands of Malaysian Authorities, Rebels Announce Ceasefire (PHOTOS/VIDEOS)
Join the Conversation
- China Military PLA Drills Affect Flights, Hundreds Cancelled
- Malaysia Airlines MH17: EU Feared Won't Ever Enforce Sanctions on Russia; All Talk, No Force
- U.S. Flights to Israel Now Lifted, Flights To and From Tel Aviv Resume – FAA
- Reserve Bank of New Zealand Raises Interest Rates Due to 'Unsustainable' Kiwi
- Embattled Malaysia Airlines Could Run Out of Cash 2015; Diverts Plane Over Another War Zone After MH17 Crash
- Samsung Galaxy Note 4 Apps Leak Online, Five Fresh Features to Expect from the Android Smartphone
- Moto 360 Price Speculations, Key Features, Strategic Release Date, Design: A Watch That is More Than Just Time
- Windows Phone 8.1 Update Rollout: 20 Nokia Lumia Phones Eligible and 13 New Features to be Added
- Three New Moto G Successors Spotted in FCC Document Dubbed Moto G2, Moto M and More --Reports
- iPad Air 2 Release Date Will Skip IGZO Panel; To Rollout with Super-Slim iPad Mini Air
- Upcoming iPad Mini 3 Could be 30% Thinner and Likely be Called iPad Mini Air; Apple Q3 Results Show 9% Decrease in iPad Sales
- HTC Google Nexus 8 Release Date Imminent with New Nexus 7 Deals, Two New Tablets Soon