Window Defect Prompts Toyota To Recall 6.5 Million Vehicles Globally

TOKYO – Japanese car manufacturer Toyota Motor Corporation (NYSE:TM, TYO:7203) announced on Wednesday that it was recalling 6.5 million vehicles globally due to window defect.

Toyota Motor Corporation (NYSE:TM)’s stock at the New York Stock Exchange continues to rally despite the recall report. The stock was trading at US$124.47 a share, a gain of 1.89 percent, a few minutes after the opening bell Wednesday.

In Tokyo, shares of Toyota Motor Corporation (TYO:7203) were also up by 2.01 percent to trade at JPY1,467 at the close.

In announcing the recall, Toyota said it discovered a power window glitch that presented a fire risk, prompting the recall. The company, however, stressed that it had not received reports of accidents or injuries tied to the defect.

The recalled models include the Yaris, Corolla, Camry and RAV4 SUV that were manufactured between 2005 and 2010, the Japanese car manufacturer said.

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Toyota’s stock traded at the New York Stock Exchange has been performing well over the last 52 weeks.

Hedge funds are also bullish on the stock, with Jim Simons’ Renaissance Technologies raising its stakes in Toyota by 59 percent in the second quarter of this year.

Renaissance Technologies holds 442,100 shares valued at US$59.131 million in Toyota.

Ken Fisher’s Fisher Asset Management holds the most shares out of the number of hedge funds that BusinessNewsAsia.com tracks.

Fisher Asset Management, which raised its stake in Toyota Motor Corporation by 2% in the second quarter, holds 4.72 million shares valued at US$630.71 million in the company. – BusinessNewsAsia.com

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