Toyota Motor Corp Recalling 6.39 Million Vehicles; Shares Sink (TM)

On Wednesday morning, Toyota Motor Company (TM) announced it is beginning a worldwide recall of 6.39 million vehicles due to several issues. The company is not aware of any accidents that have been caused by these issues.

The vehicles affected include the Toyota Corolla, Matrix, Highlander, and Camry, as well as the Subaru Trezia and Pontiac Vibe. Of the vehicles being recalled, 2.34 million were sold in North America and 810,000 were sold in Europe. The issues with the cars include “seat rails, spiral cable assemblies for airbags, engine starters, steering-column brackets and windshield-wiper motors,” according to Street Insider.

The company has not said how much the recalls will cost or how it will affect the quarter’s earnings. In February of this year, Toyota paid $1.2 billion in in fines to the U.S. government for holding back information regarding unintentional acceleration in some of its vehicles, which resulted in recalling more than 9 million vehicles.

Toyota’s announcement this morning comes amid a high profile investigation into General Motors (GM), which has seen the company recall over 2.5 million cars due to faulty ignition switches, which have been linked to 13 deaths.

Toyota stock was down $4.36, or 3.91%, in pre-market trading this morning. YTD, the company’s stock is down 9.56%.

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As of Market Close on April 8, 2014

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