Toyota is recalling 6.4 million vehicles across the globe due to 5 separate issues. This recall affects 27 Toyota vehicles, including the Yaris, Corolla and RAV4. It also includes the Pontiac Vibe and Subaru Trezia, which are two models that Toyota built for General Motors and Fuji Heavy Industries.
Toyota Motor Corporation is going to buy back stock for the first time in five years because its cash pile and profits are climbing. Toyota is going to buy back as many as 60 million shares, which is equivalent to around 1.9% of the company. The 60 million shares would be worth round 360 billion yen ($3.5 billion). Toyota last bought stock back in February 2009. About half of those shares will be retired by the end of June. Toyota forecasted a record 1.9 trillion yen profit for the year ending March 31st.
Toyota Motor Corporation is going to pay $1.2 billion to resolve a criminal investigation in the way the company handled consumer complaints regarding safety issues, according to the U.S. Justice Department. Toyota acknowledged that it misled American consumers by concealing deceptive statements about two safety issues. One of the issues involved unintended acceleration. This is the largest penalty levied by the U.S. on an auto company.
Toyota Motor Corp (TYO:7203) is recalling 7,067 Highlander SUVs due to seat belt issues. This issue affects the 2014 model of the Highlander sports utility vehicle in the U.S. market. There is a possibility that Highlander SUVs that were manufactured between November 20, 2013 and January 18, 2014 has the issues. The seat belts have not been properly secured to the vehicle floor said Toyota. There has been no reports of any accidents being injured as a result.
Toyota Motor Corp (TYO:7203) is going to recall 1.9 million Prius vehicles this week because of a software glitch that could cause the vehicle to stop while driving. There were no accidents reported due to the issue.
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Toyota Motor Corp (TYO:7203) has announced that they will stop making cars in Australia by the end of 2017. Toyota cited high production costs and tough competition. This will lead to 2,500 job losses.
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Terry Crews and The Muppets are starring in this Toyota Super Bowl ad. In the ad, Crews stopped next to a broken down tour bus and offered to help. A bunch of Muppets hop into his Toyota Highlander SUV after he pulls up. As expected from The Muppets, everyone starts to sing a catchy song.
Toyota Motor Corp (NYSE:TM) is still number one in the automotive sector for the second consecutive year. General Motors was ranked #2 and Volkswagen was ranked #3. Toyota sold 9.98 million vehicles across the world. GM and Volkswagen were tight in the battle for number two. GM sold 9.71 million vehicles and Volkswagen sold 9.7 million. Toyota wants to surpass 10 million units sold in 2014 with a goal of hitting 10.32 million by the end of the year.