FAW-Toyota Recalls 12,000+ EVs Developed With Warren Buffett-backed BYD In China
Portfolio Pulse from Anan Ashraf
FAW-Toyota, a joint venture between Toyota Motor Co (NYSE:TM) and China FAW Group Corporation, has issued a recall for over 12,000 bZ3 vehicles in China due to a door issue. The bZ3 battery-electric sedan was developed in collaboration with Warren Buffett-backed BYD and FAW Toyota. The company will replace the rear door's outer handle free of charge to customers.
July 21, 2023 | 4:27 am
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Toyota's joint venture FAW-Toyota has issued a recall for over 12,000 bZ3 vehicles in China due to a door issue. This could potentially impact Toyota's reputation and sales in the short term.
Recalls often lead to negative publicity and can impact a company's reputation and sales. Given that the recall is for a significant number of vehicles, this could potentially have a negative impact on Toyota's stock in the short term.
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