Tianjin FAW Toyota recalls vehicles in China
Tianjin FAW Toyota Motor Co., a joint venture between Toyota Motor Co. and China's FAW Group, said it was recalling 121,930 vehicles in China, due to a defect in the manufacturing process.
The recall which was in accordance with the "defective products, automotive recall regulations", would include Crown and Reiz models produced between 2005 and 2006; and Lexus cars manufactured between 2004 and 2006.
The company said that the decision related to a faulty electrical assembly steering machine manufacturing process, which may result in poor control of the electric power steering, thereby impacting safety.
Earlier this week, Toyota Motors reported a 24.8% decline in its total worldwide production for the month of November, compared to the year-ago period.
Further, Toyota said it expects to report an operating loss for fiscal 2009, which would be its first annual operating loss in the last 71 years. The company also reduced its net revenues and vehicles sales forecast, citing poor North American sales outlook.
Shares of TM closed Wednesday's trading session at $61.08. In the past 52 weeks, the stock has been trading in the range of 55.41 to 117.59.
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