Toyota Motor has expanded its massive recall in the US by more than 1 million vehicles to replace floor mats that could trap accelerator pedals, in a fresh blow to the Japanese manufacturer.
The latest move, which covers 1.093 million vehicles, comes on top of a recall of about 4.2 million cars and trucks by Toyota in November.
The company said late on Wednesday that five models had been added to the recall: The 2008-2010 Highlander, the 2009-2010 Corolla, the 2009-2010 Venza, the 2009-2010 Matrix and the 2009-2010 Pontiac Vibe.
PHOTO: REUTERS
In a further setback to the world’s largest automaker, Fitch Ratings put a negative outlook on Toyota’s long-term bond rating of “A-plus” — the fifth highest on a scale of 22 — signaling a possible downgrade in the future.
“The recalls and sales and production suspension cast a negative light on Toyota’s reputation for quality, just as the company emerges from an unprecedented downturn in the auto industry,” Fitch analyst Jeong Min Pak said.
Toyota shares tumbled 3.91 percent to ¥3,560 (US$39.36) yesterday, after a drop of 4.26 percent the previous day in response to the group’s decision to suspend sales in the US of eight models due to the safety concerns.
Aiming to regain some of its lost market share, General Motors said on Wednesday it would give owners of Toyota cars and trucks US$1,000 or free financing if they buy one of the US firm’s models by the end of next month.
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