Automakers Toyota (NYSE:TM) and Chrysler recently announced major recalls of popular cars. Here are the details behind both manufacturers’ product withdrawals:
Toyota Recalls 700,00 Vehicles: Toyota recently announced it would be withdrawing 700,000 vehicles from the U.S. market. Citing a broad range of safety concerns, the vehicles most flagged for manufacturing defects were its Camry, Tacoma and Venza lines, according to The Guardian. An overwhelming 495,000 of the vehicles cited were Tacoma trucks, largely recalled over fears around faulty steering controls. Toyota has been forced to recall around 12 million vehicles in the past four years, and the automaker recently ceded its title as the world’s No. 1 carmaker following a series of disaster-induced production stalls.
Chrysler Initiates Jeep Liberty Recall: Fiat (PINK:FIATY) subsidiary Chrysler has just recalled nearly 210,000 of its 2004-2005 series of Jeep Liberty vehicles, citing concerns around the integrity of its suspension component, according to a New York Times report. Withdrawal began after a National Highway Traffic Safety Administration investigation concluded that the Jeep Liberty’s suspension structure was dangerously susceptible to rust decay. Prior to the recall, Chrysler had been personally notified by more than 80 Jeep owners that they’d unexpectedly lost control of their vehicle. However, product withdrawal is not taking effect nationwide — after negotiating with the N.H.T.S.A, Chrysler is restricting the recall to the 20 U.S. states most reliant on road salt during the winter months.
– Adam Patterson, InvestorPlace Assistant Editor