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Toyota Recalls 1 Million Vehicles

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Toyota (NYSE: TM  ) announced today that it is voluntarily recalling approximately 1.02 million Corolla, Corolla Matrix, and Lexus IS vehicles for safety issues.

For the 750,000 2003 and 2004 Corolla models recalled, Toyota states that airbag electronic control modules may be susceptible to internal shorting that could cause the airbag to inadvertently deploy without warning. Seat belt pretensioners could engage as a result of the same issue.

The automaker is also recalling around 270,000 Lexus IS cars from model years 2006 through early 2012. The issue for these vehicles stems from a potentially loose wiper arm nut. If snow or other objects build up on the front windshield, one or both wipers could become inoperable.

Owners will receive a notification letter and free repairs at any authorized Toyota or Lexus dealer. To check your vehicle's status, click here.

The Japanese automaker has been wracked with recalls over the past few years, and has also been heavily fined for not always issuing timely recalls.

As of this writing, Toyota shares seem unaffected and are up 0.25% for today.

Despite a slew of recent recalls, Toyota has rebounded nicely from the troubles of recent years. The Motley Fool's automotive expert, John Rosevear, and Industrials Bureau Chief Isaac Pino have collaborated to create some of the most in-depth Toyota research available for smart investors like you. Thousands have already claimed their own premium ticker coverage, and you can gain instant access to your own by clicking here now.

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9/26/2016 1:13 PM
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Toyota Motor CAPS Rating: ***