Expanding onto increasing questions surrounding safety Toyota Motor Corp. has been weighing the possibility of recalling the Corolla under suspect of the vehicle’s steering problems.
This news comes in tandem with reports that U.S. officials plan to inform Toyota of a government investigation into the steering problems associated with models of the car released in 2009 and 2010.
The investigation, which may begin as early as Thursday, is the result of roughly 150 complaints filed with the National Highway Traffic Safety Administration.
The investigation which will be performed by the group will look into 363,000 2009 model Corollas and 136,000 2010 models.
Even prior to the Corolla recall, Toyota has been under significant stress for its other vehicles and the manner in which executives have handled complains about them.
Toyota's chief executive, Akio Toyoda held a news conference in Japan on Wednesday discussing the safety concerns and assuring that future Toyota Products would come equipped with such features as a brake-override system. The new system would act to cut a vehicle’s engine if the accelerator and brake pedals were pressed simultaneously. The inclusion of the override system would thwart involuntary acceleration, an issue that inspired two massive recalls. New models would also come equipped with something resembling the black box seen on a plane.
In 2009, Toyota sold roughly 1.3 million Corollas glovally, including around 300,000 in the United States.
The Corolla is the second bestselling car from Toyota after the popular Camry.
About EQUITIES:
Since 1951, EQUITIES Magazine has been a leading media company providing business editorial content designed to serve the needs of business leaders, professionals, institutional investors and retail investors. We are focused on business and the business of making money, not on lifestyle subjects. We publish original reporting in print and on our website, as well as select content at www.nasdaq.com. For 28 years we have hosted our own branded investor conferences that connect public company CEO’s with our loyal readers in the investment community.
Sign up for a free one-year subscription