Toyota Issues Second Prius Recall in a Month on Crash Risk
(Bloomberg) -- Toyota Motor Corp. is recalling more than 2 million of its iconic Prius hybrids globally on the risk that a software malfunction could end in a crash.
Of a total of about 2.43 million vehicles affected, 94 percent are the Prius and its derivatives, with the hybrid version of the Auris compact hatchback making up the remainder, Toyota spokesman Jean-Yves Jault said by email Friday. About 1.25 million of the cars are in Japan and 830,000 in North America, he said. Vehicles in Europe, China and other regions are also affected.
It is the second recall for the Prius in the space of a month, with the previous one involving more than 1 million hybrid cars due to the risk of fire. The vehicles in the current recall had been called back before, in February 2014 and July 2015, for a related issue, Jault said.
Shares of Toyota were little changed at the close of trading in Tokyo.
A failsafe mode designed to engage in the event of a hybrid system fault may not kick in because of a software glitch, causing the car to stall, according to a company statement. If that happens at higher speeds, there is increased risk of a crash. The company had received three reports in Japan related to the issue as of the end of September, but wasn't aware of any crashes in the country, Jault said.
It's one of the largest recalls for Toyota unrelated to Takata Corp. airbags or 2009's unintended acceleration crisis. In 2016, Toyota also recalled some 2.87 million cars including the Prius for leaky fuel tanks, and a further 1.43 million mainly Prius vehicles for non-Takata airbags.
To contact the reporter on this story: Kevin Buckland in Tokyo at kbuckland1@bloomberg.net
To contact the editors responsible for this story: Anand Krishnamoorthy at anandk@bloomberg.net, Ville Heiskanen, Sam Nagarajan
©2018 Bloomberg L.P.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
-
The Economic Imperative: Analysing The Material Driving Force Behind India-Canada Strategic Reset
This economic complementarity is further reinforced by deep institutional investment ties and talent mobility, which form the bedrock of the bilateral framework.
-
Medicine Pricing: Where Must Profit Stop?
India must confront excessive margins, hidden incentives and regulatory gaps that threaten the integrity of medicine.