October 10, 2012
Toyota (NYSE: TM ) is issuing a safety recall for 7.43 million vehicles across the globe. The Japanese car manufacturer said 2.5 million of the vehicles with potential window problems are in the U.S.
The issue involves the power window master switches of some of the company's most well-known brands, including Camry and Corolla sedans and RAV4 sport utility vehicles, built between 2005 and 2010. Toyota said in a press release that commercial lubricating agents applied to a "sticky" window switch could potentially melt the switch or even cause a fire.
A Reuters report says this is the biggest single recall in 16 years. Toyota reportedly recalled more than 10 million units in 2009 and 2010 to address potential unintended-acceleration issues.
The latest recall comes on the heels of multiple recalls by Japanese rival Honda (NYSE: HMC ) . Toyota has also recently seen sinking demand in China thanks to public sentiment regarding the Chinese-Japanese political fight around ownership of the islands called Senkaku in Japan and Diaoyu in China.