Honda Recalls Minivans, SUVs on Roll-Away Risk

by Christopher Freeburn | December 12, 2012 12:34 pm

Honda Recalls Minivans, SUVs on Roll-Away Risk

Honda 2 300x191 Honda Recalls Minivans, SUVs on Roll Away Risk[1]A faulty ignition mechanism has prompted Honda (NYSE:HMC[2]) to recall more than 870,000 SUVs and minivans with automatic transmission[3].

Some drivers reported that their vehicles rolled away even after the key had been removed from the ignition.The device that secures the key in the ignition while the car is in gear can deteriorate, permitting drivers to withdraw the key without the vehicle being set in park, the Associated Press notes.

After 43 complaints were filed with the National Highway Traffic Safety Administration, regulators began investigating the incidents. The government says that the problem has beenĀ implicatedĀ in 16 crashes, resulting in two injuries.

More than 807,000 of the affected vehicles were sold in the U.S.. The recall includes Honda Pilot SUVs from 2003 and 2004, as well as Acura MDX SUVs made between 2003 and 2006. Honda’s popular Odyssey minivan is also covered by the recall.

This is just the latest recall for Honda. In October, the Japanese auto giant announced that it would have to extend its recall of 600,000 Accords from model years 2003 to 2007 into next year because of a shortage of steering hoses required to repair the cars[4].

Despite news of the latest recall, Honda shares rose more than 1% in Wednesday trading in New York.

Endnotes:
  1. [Image]: http://investorplace.com/wp-content/uploads/2011/05/Honda-2.jpg
  2. HMC: http://studio-5.financialcontent.com/investplace/quote?Symbol=HMC
  3. SUVs and minivans with automatic transmission: http://www.usatoday.com/story/money/cars/2012/12/12/honda-pilot-cr-v-odyssey-recall-rollaway/1763199/r
  4. because of a shortage of steering hoses required to repair the cars: http://investorplace.com/2012/10/giant-honda-recall-will-last-into-next-year/

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