More? Toyota Issues New Recalls (TM)

Toyota Motor Corp. TM will recall an additional 1.13 million Corolla and Matrix vehicles after U.S. regulators raised concerns that stalling could occur "at any speed without warning." Toyota said today that it will recall the vehicles for the 2005 to 2008 model years in the U.S. and Canada. At least three reported accidents have been linked to the defect. “Toyota concluded that this problem would likely continue to occur, and, therefore, in order to address customer concerns, decided to conduct a voluntary safety recall of all vehicles within the affected range,” Chris Santucci, Toyota Motor North America’s manager of technical and regulatory affairs, wrote in a letter to the U.S. National Highway Traffic Safety Administration. According to a Bloomberg report, "The action adds to record recalls in the past year by Toyota City, Japan-based Toyota, including more than 8 million vehicles worldwide for flaws related to unintended acceleration." “This is another bump in the road while Toyota is trying to recover their reputation,” auto analyst Rebecca Lindland of IHS Automotive in Lexington, Massachusetts, told Bloomberg in an interview. “It will give people who are not Toyota loyalists another reason not to buy the brand.” Shares of Toyota are down 0.3% this afternoon, to $68.85.