Toyota Recalls 270,000 Vehicles Worldwide

Toyota Motor Corp. is yet again facing recall issue. The Japanese giant automaker announced today that the company could recall 270,000 vehicles including various models of Toyota Lexus and Toyota Crown with engine issues. The recall announcement weighed on Toyota’s share price in the Tokyo Stock Exchange, forcing it to close lower.
The recall decision is yet to be finalized by regulators, Toyota said. The company has received around 200 complaints about the engine issue. However, no serious or minor accident been reported so far. The problem with the engine can suddenly halt the car. Toyota is going to recall the vehicle to “minimize inconvenience for the customers.”
The company does not expect the new problem with its vehicles to affect future earnings. However, the analyst believe that this new controversy can prove to be a big blow to the company’s already tarnishing reputation as the most reliable automaker in the world. There is a huge probability that many customers get tired of repeated problems with the company’s vehicles and begin to avoid the Japanese brand altogether. Toyota has recalled more than 10 million vehicles since last year including 6.5 million in the United States alone. The company also paid heavy fines to US regulators and its credit rating dropped to the lowest level in many years.