By Yuki Hagiwara and Makiko Kitamura
Feb. 9 (Bloomberg) -- Toyota Motor Corp. will recall
437,000 hybrid cars globally to fix faulty braking systems on
four models, including the Prius, adding to almost 8 million
vehicles the company is repairing for separate defects.
The world’s biggest carmaker will halt sales of SAI and
Lexus HS250h sedans and Prius plug-in hybrids, said President
Akio Toyoda, speaking at a Tokyo press conference.
The action threatens to further tarnish Toyota’s reputation
as a leader in gasoline-electric hybrids, a technology it plans
to offer on all models. Toyota, grappling with its worst recall
crisis, has lost about $31 billion in market value since Jan.
21, when it began taking back millions of vehicles for defects
linked to unintended acceleration.
“The Prius is synonymous with hybrids and therefore,
given the scale, the recalls can erode consumers’ trust in these
cars,” said Tatsuya Mizuno, director of Mizuno Credit Advisory
in Tokyo. “The damage to Toyota is huge as the Prius was such a
high profile model.”
Toyota has recalled almost 8 million vehicles on five
continents to repair defects that have been linked to unintended
acceleration. Those recalls may cut demand for the company’s
vehicles by 100,000 units, Toyota said last week.
Corolla Steering
Toyota’s Corolla sedan is also being reviewed by the U.S.
after driver complaints about steering to determine if a defect
investigation is warranted, a government spokeswoman said today.
The National Highway Traffic Safety Administration has recorded
more than 80 complaints about Corolla steering for 2009 and 2010
models, according to the agency’s online database.
The U.S. agency wants “to determine if a safety defect
investigation is warranted, as is standard procedure with all
complaints,” Karen Aldana, spokeswoman for the agency, said in
an e-mail.
The first U.S. congressional hearing on Toyota’s recalls,
scheduled for tomorrow, was postponed because of a snowstorm
forecast for Washington. The House Oversight and Government
Reform Committee’s meeting was rescheduled for Feb. 24,
according to an e-mailed statement today by Kurt Bardella, a
spokeswoman for Representative Darrell Issa of California, the
panel’s senior Republican.
In Japan, Toyota will call back 223,068 vehicles to repair
computers in anti-lock brake systems, according to a notice
filed to Japan’s Transport Ministry today. The vehicles to be
repaired include 199,666 2010 Prius hybrids, 10,820 SAIs, 12,423
Lexus HS250h cars and 159 Prius plug-in hybrids, according to
the filing to the ministry.
Best-Selling Model
“We will redouble our commitment to quality,” Toyoda, 53,
said in Tokyo today. “I would like to apologize again to our
customers who are worried about Toyota’s quality and safety.”
When the latest version of the Prius came out, Toyoda
called it the “future of Toyota cars.” The Prius was Japan’s
top-selling vehicle last year.
The carmaker faces at least 49 lawsuits filed on behalf of
customers in the U.S. and Canada seeking a range of damages in
sudden-acceleration cases, from loss of car value to a return of
profits. It also faces at least 13 lawsuits brought by
individuals claiming deaths or injuries.
Moody’s Investors Services placed Toyota’s Aa1 senior
unsecured long-term rating on review for possible downgrade
today. Problems with Toyota cars and recalls may have “longer
term impacts,” affecting pricing power and market share in key
markets, Moody’s said in a statement.
Profit Forecast
The company on Feb. 4 predicted a return to profit in the
fiscal year ending March 31, even as it said recalls may cost
100 billion yen ($1.1 billion). The full-year net income
forecast of 80 billion yen takes into account recalls for flaws
linked to unintended acceleration, though it doesn’t include
potential Prius recalls, Toyota said at the time.
Toyota also said it will recall about 133,000 Prius 2010
models and 14,550 Lexus HS250h hybrids in the U.S. to update
software in the vehicle’s anti-lock brake system. No other
Toyota, Lexus, or Scion vehicles are involved in this, Toyota
said in a statement.
‘Own Words’
Toyoda plans to travel to the U.S. and “will try to
explain with my own words,” he said. Toyoda must provide a
“proper report” in the U.S. and the recalls must not cause a
“foreign-relations problem,” Japan’s Transport Minister Seiji
Maehara told reporters today. Maehara said he will meet with
U.S. ambassador to Japan John Roos tomorrow to discuss Toyota.
“Toyota is finally taking measures,” said Mamoru Kato, an
analyst at Tokai Tokyo Research Center in Nagoya, Japan. “This
is fueling optimism that Toyota is moving in a clear direction
to avoid further consumer anxiety.”
Toyota rose 2.9 percent to 3,375 yen at the close of
trading in Tokyo. The stock has declined 19 percent since Jan.
21. Toyota’s American depositary receipts, each representing two
ordinary shares, rose $2.47, or 3.4 percent, to $75.32 at 12:25
p.m. in New York Stock Exchange composite trading.
The U.S. Transportation Department is also investigating
reports of Prius brake failures. The National Highway Traffic
Safety Administration received 124 reports from consumers,
including four saying crashes occurred with two “minor”
injuries, according to an investigation document.
Sudden acceleration of Toyota vehicles has been linked to
19 deaths in the last decade, according to Henry Waxman, the
U.S. House of Representatives’ Energy and Commerce Committee
chairman.
DiCaprio, Wozniak
Toyota Motor Europe said it will recall 52,903 Prius cars
in Europe to modify software used to manage the anti-lock brake
system. The Toyota City, Japan-based carmaker said last week it
modified braking software on newly built Priuses in late
January.
The model, driven by U.S. actor Leonardo DiCaprio and Apple
Inc. co-founder Steve Wozniak, is the world’s best-selling
hybrid car. Toyota has sold 197,000 units of the latest version
in Japan and 103,200 in the U.S., according to the company.
Toyota has been investigating reports that Prius owners
driving at low speeds on bumpy or icy roads may experience
moments where the car continues to coast for about a second
after the brakes are applied, because of the anti-lock brake
system. The carmaker has said it received complaints about Prius
brakes through dealers starting in the last few months of 2009.
Toyota said today it stopped shipments of the Lexus HS250h
and SAI hybrids from a factory in southern Japan to inspect
their braking systems.
The vehicles included in today’s recall are Prius hybrids
built between April 20, 2009, and Jan. 27, plug-in Prius hybrids
built between Nov. 25, 2009, and Feb. 5, SAI hybrids built
between Oct. 2, 2009, and Feb. 8, and Lexus HS250h hybrids built
between June 10, 2009, and Feb. 8.
Feb. 9 (Bloomberg) -- Toyota Motor Corp. will recall
437,000 hybrid cars globally to fix faulty braking systems on
four models, including the Prius, adding to almost 8 million
vehicles the company is repairing for separate defects.
The world’s biggest carmaker will halt sales of SAI and
Lexus HS250h sedans and Prius plug-in hybrids, said President
Akio Toyoda, speaking at a Tokyo press conference.
The action threatens to further tarnish Toyota’s reputation
as a leader in gasoline-electric hybrids, a technology it plans
to offer on all models. Toyota, grappling with its worst recall
crisis, has lost about $31 billion in market value since Jan.
21, when it began taking back millions of vehicles for defects
linked to unintended acceleration.
“The Prius is synonymous with hybrids and therefore,
given the scale, the recalls can erode consumers’ trust in these
cars,” said Tatsuya Mizuno, director of Mizuno Credit Advisory
in Tokyo. “The damage to Toyota is huge as the Prius was such a
high profile model.”
Toyota has recalled almost 8 million vehicles on five
continents to repair defects that have been linked to unintended
acceleration. Those recalls may cut demand for the company’s
vehicles by 100,000 units, Toyota said last week.
Corolla Steering
Toyota’s Corolla sedan is also being reviewed by the U.S.
after driver complaints about steering to determine if a defect
investigation is warranted, a government spokeswoman said today.
The National Highway Traffic Safety Administration has recorded
more than 80 complaints about Corolla steering for 2009 and 2010
models, according to the agency’s online database.
The U.S. agency wants “to determine if a safety defect
investigation is warranted, as is standard procedure with all
complaints,” Karen Aldana, spokeswoman for the agency, said in
an e-mail.
The first U.S. congressional hearing on Toyota’s recalls,
scheduled for tomorrow, was postponed because of a snowstorm
forecast for Washington. The House Oversight and Government
Reform Committee’s meeting was rescheduled for Feb. 24,
according to an e-mailed statement today by Kurt Bardella, a
spokeswoman for Representative Darrell Issa of California, the
panel’s senior Republican.
In Japan, Toyota will call back 223,068 vehicles to repair
computers in anti-lock brake systems, according to a notice
filed to Japan’s Transport Ministry today. The vehicles to be
repaired include 199,666 2010 Prius hybrids, 10,820 SAIs, 12,423
Lexus HS250h cars and 159 Prius plug-in hybrids, according to
the filing to the ministry.
Best-Selling Model
“We will redouble our commitment to quality,” Toyoda, 53,
said in Tokyo today. “I would like to apologize again to our
customers who are worried about Toyota’s quality and safety.”
When the latest version of the Prius came out, Toyoda
called it the “future of Toyota cars.” The Prius was Japan’s
top-selling vehicle last year.
The carmaker faces at least 49 lawsuits filed on behalf of
customers in the U.S. and Canada seeking a range of damages in
sudden-acceleration cases, from loss of car value to a return of
profits. It also faces at least 13 lawsuits brought by
individuals claiming deaths or injuries.
Moody’s Investors Services placed Toyota’s Aa1 senior
unsecured long-term rating on review for possible downgrade
today. Problems with Toyota cars and recalls may have “longer
term impacts,” affecting pricing power and market share in key
markets, Moody’s said in a statement.
Profit Forecast
The company on Feb. 4 predicted a return to profit in the
fiscal year ending March 31, even as it said recalls may cost
100 billion yen ($1.1 billion). The full-year net income
forecast of 80 billion yen takes into account recalls for flaws
linked to unintended acceleration, though it doesn’t include
potential Prius recalls, Toyota said at the time.
Toyota also said it will recall about 133,000 Prius 2010
models and 14,550 Lexus HS250h hybrids in the U.S. to update
software in the vehicle’s anti-lock brake system. No other
Toyota, Lexus, or Scion vehicles are involved in this, Toyota
said in a statement.
‘Own Words’
Toyoda plans to travel to the U.S. and “will try to
explain with my own words,” he said. Toyoda must provide a
“proper report” in the U.S. and the recalls must not cause a
“foreign-relations problem,” Japan’s Transport Minister Seiji
Maehara told reporters today. Maehara said he will meet with
U.S. ambassador to Japan John Roos tomorrow to discuss Toyota.
“Toyota is finally taking measures,” said Mamoru Kato, an
analyst at Tokai Tokyo Research Center in Nagoya, Japan. “This
is fueling optimism that Toyota is moving in a clear direction
to avoid further consumer anxiety.”
Toyota rose 2.9 percent to 3,375 yen at the close of
trading in Tokyo. The stock has declined 19 percent since Jan.
21. Toyota’s American depositary receipts, each representing two
ordinary shares, rose $2.47, or 3.4 percent, to $75.32 at 12:25
p.m. in New York Stock Exchange composite trading.
The U.S. Transportation Department is also investigating
reports of Prius brake failures. The National Highway Traffic
Safety Administration received 124 reports from consumers,
including four saying crashes occurred with two “minor”
injuries, according to an investigation document.
Sudden acceleration of Toyota vehicles has been linked to
19 deaths in the last decade, according to Henry Waxman, the
U.S. House of Representatives’ Energy and Commerce Committee
chairman.
DiCaprio, Wozniak
Toyota Motor Europe said it will recall 52,903 Prius cars
in Europe to modify software used to manage the anti-lock brake
system. The Toyota City, Japan-based carmaker said last week it
modified braking software on newly built Priuses in late
January.
The model, driven by U.S. actor Leonardo DiCaprio and Apple
Inc. co-founder Steve Wozniak, is the world’s best-selling
hybrid car. Toyota has sold 197,000 units of the latest version
in Japan and 103,200 in the U.S., according to the company.
Toyota has been investigating reports that Prius owners
driving at low speeds on bumpy or icy roads may experience
moments where the car continues to coast for about a second
after the brakes are applied, because of the anti-lock brake
system. The carmaker has said it received complaints about Prius
brakes through dealers starting in the last few months of 2009.
Toyota said today it stopped shipments of the Lexus HS250h
and SAI hybrids from a factory in southern Japan to inspect
their braking systems.
The vehicles included in today’s recall are Prius hybrids
built between April 20, 2009, and Jan. 27, plug-in Prius hybrids
built between Nov. 25, 2009, and Feb. 5, SAI hybrids built
between Oct. 2, 2009, and Feb. 8, and Lexus HS250h hybrids built
between June 10, 2009, and Feb. 8.
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