Today's recall of 6.4 million Toyotas has put a major "wince-inducing dent" in the car company's once-glowing reputation, reports Bloomberg Businessweek. The recall encompasses 27 models dating back to 2005 and addresses several problems, including malfunctioning steering columns and faulty windshield-wiper motors.
While recalls are a fairly common occurrence in the auto industry, this is the Japanese motor company's eighth major recall since 2009. "Toyota has been issuing recalls almost as fast as it has been unveiling new models," declared Kyle Stock at Bloomberg Businessweek. The publication compared the number of vehicles sold to the number of vehicles recalled and discovered that Toyota has actually recalled more cars than it has sold within the past five years.
Although Toyota is still the world's top-selling auto maker, repairing its reputation might take some time. "[F]ixing 6.4 million cars isn't cheap, and the company may have to lower prices or raise incentives in the next few months to sway dubious customers," said Stock. --Jordan Valinsky
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