Stock Market News

Toyota, Subaru shares drop after EV recall announcements

2022.06.24 05:15

Toyota, Subaru shares drop after EV recall announcements
FILE PHOTO: The Toyota logo is seen at its booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/File Photo/File Photo

(Reuters) – Shares of Toyota Motor (NYSE:TM) Corp and Subaru (OTC:FUJHY) Corp dropped on Friday after the two Japanese car makers announced recalls of their first mass-produced electric vehicles (EV) for the global market because of a risk the wheels could come loose.

The recall by Toyota of 2,700 units of the bZ4X SUVs, rolled out less than two months ago in Japan, is a setback to the world’s largest automaker by sales, as it seeks to take on larger EV rival Tesla (NASDAQ:TSLA) Inc.

A Toyota spokesperson said on Thursday not every model was subjected to the recall but declined to say how many it has built overall.

Subaru also said it was recalling about 2,600 units of the Solterra, its first all-electric vehicle jointly developed with Toyota, globally.

Japan’s safety regulator said sharp turns and sudden braking could cause a hub bolt to loosen, raising the risk of a wheel coming off the vehicle. It said it was not aware of any accidents being caused by the defect.

Subaru shares slumped nearly 5% and Toyota’s were down 1.6%.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 72,228.35 0.10%
ethereum
Ethereum (ETH) $ 2,652.25 1.26%
tether
Tether (USDT) $ 0.999848 0.07%
bnb
BNB (BNB) $ 596.56 1.05%
solana
Solana (SOL) $ 174.33 2.29%
usd-coin
USDC (USDC) $ 0.999891 0.02%
xrp
XRP (XRP) $ 0.52354 0.21%
staked-ether
Lido Staked Ether (STETH) $ 2,650.77 1.26%
dogecoin
Dogecoin (DOGE) $ 0.168889 2.64%
tron
TRON (TRX) $ 0.169163 2.16%
cardano
Cardano (ADA) $ 0.357426 1.29%
the-open-network
Toncoin (TON) $ 4.99 0.77%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,143.68 1.49%
shiba-inu
Shiba Inu (SHIB) $ 0.000018 1.59%
avalanche-2
Avalanche (AVAX) $ 26.29 1.28%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 72,187.34 0.05%
weth
WETH (WETH) $ 2,658.00 1.44%
chainlink
Chainlink (LINK) $ 12.22 5.44%
bitcoin-cash
Bitcoin Cash (BCH) $ 369.83 2.68%
polkadot
Polkadot (DOT) $ 4.17 0.12%
sui
Sui (SUI) $ 2.04 0.57%
leo-token
LEO Token (LEO) $ 6.12 0.20%
usds
USDS (USDS) $ 1.00 0.98%
litecoin
Litecoin (LTC) $ 72.02 1.86%
near
NEAR Protocol (NEAR) $ 4.31 1.54%
aptos
Aptos (APT) $ 9.73 2.35%
uniswap
Uniswap (UNI) $ 8.25 3.58%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,787.33 1.23%
pepe
Pepe (PEPE) $ 0.00001 1.82%
internet-computer
Internet Computer (ICP) $ 8.10 0.13%
bittensor
Bittensor (TAO) $ 499.04 3.78%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.29 2.62%
dai
Dai (DAI) $ 0.999272 0.03%
monero
Monero (XMR) $ 161.72 1.70%
ethereum-classic
Ethereum Classic (ETC) $ 19.51 1.07%
stellar
Stellar (XLM) $ 0.094822 1.69%
kaspa
Kaspa (KAS) $ 0.110931 0.82%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.04%
whitebit
WhiteBIT Coin (WBT) $ 18.81 0.96%
blockstack
Stacks (STX) $ 1.77 3.75%
dogwifcoin
dogwifhat (WIF) $ 2.58 0.17%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.33143 0.15%
first-digital-usd
First Digital USD (FDUSD) $ 0.99504 0.21%
okb
OKB (OKB) $ 39.45 0.05%
aave
Aave (AAVE) $ 155.82 4.14%
immutable-x
Immutable (IMX) $ 1.38 1.69%
filecoin
Filecoin (FIL) $ 3.73 0.91%
arbitrum
Arbitrum (ARB) $ 0.556723 2.58%
optimism
Optimism (OP) $ 1.72 1.98%
crypto-com-chain
Cronos (CRO) $ 0.07558 1.37%