Toyota Issues Recall For Nearly 300K Trucks And SUVs Over Software Glitch Causing Unexpected Movement
Portfolio Pulse from Benzinga Neuro
Toyota Motor Corp (NYSE:TM) is recalling 280,663 trucks and SUVs in the U.S. due to a software glitch causing unexpected vehicle movement. The recall affects Tundra, Tundra hybrids, Lexus LX600 models, and Sequoia SUVs. Toyota will provide a free software update to fix the issue. This marks Toyota's third major recall in the past year, following a 'Do Not Drive' advisory for exploding Takata airbags and a recall for airbag deployment issues.
February 27, 2024 | 1:20 pm
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Toyota is recalling 280,663 vehicles in the U.S. to address a software issue causing unexpected movement. The recall includes Tundra, Tundra hybrids, Lexus LX600, and Sequoia SUVs. This is part of a series of recalls by Toyota, indicating potential concerns over vehicle safety.
The recall of a significant number of vehicles due to safety concerns can negatively impact Toyota's stock price in the short term. Recalls often lead to increased operational costs and can damage the brand's reputation, potentially affecting sales. Given that this is Toyota's third major recall in a year, investor confidence might be shaken, leading to a negative perception in the market.
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