Toyota recalls again! 1.7 mil vehicles! image

Toyota Motor said it will recall about 1.7 million vehicles worldwide, including 1.28 million cars in Japan and 421.000 in U.S., Europe and other markets over a fuel leak risk.

Toyota Motor Corporation said in a statement, “Due to insufficient tightening of the fuel pressure sensor connected to certain engine fuel delivery pipes (those with Nickel Phosphorus plating), there is a possibility that the pressure sensor could loosen over time. If loosening occurs, fuel could leak past a gasket used in the connection between the sensor and the delivery pipe and through the threaded portion of the sensor.”

The latest announcement comes after a spate of massive recalls that began in late 2009, mostly in North America, and which now covers more than 12million vehicles.

Shares of Toyota, the world’s top automaker, extended early declines and closed down nearly two per cent on the Tokyo Stock Exchange after the announcement.

Koji Endo, auto analyst with Advanced Research Japan Co. in Tokyo, said the newest recalls will cost Toyota about 20 billion yen ($240 million), but won’t hurt its earnings much.

With this huge number of recalls – question is – How much time will remain Toyota number one, and if, Vw will overtake the Japanese automaker earlier than 2018?

Photo credit: AP