Toyota has expanded its massive recall in the US by more than a million vehicles to replace floor mats that could trap accelerator pedals, in a fresh blow to the Japanese car giant.
The latest move, which covers 1.093 million vehicles and includes a planned one-week shut down of production lines in North America next month, comes on top of a recall of about 4.2 million cars and trucks by Toyota in November.
In a further setback to the world's largest car company, Fitch Ratings put a negative outlook on Toyota's long-term bond rating, signalling a possible downgrade.
"The recalls and sales and production suspension cast a negative light on Toyota's reputation for quality, just as the company emerges from an unprecedented downturn in the auto industry," Fitch analyst Jeong Min Pak said.
Toyota shares tumbled 3.91 per cent to 3,560 yen yesterday, after a drop of 4.26 per cent the previous day in response to the group's decision to suspend sales in the US of eight models due to the safety concerns.
The Japanese car maker has long prided itself on rigorous safety controls but has been hit by a series of quality issues.
Separate from the floor mat trouble, Toyota last week recalled 2.3 million cars and trucks because of problems with sticking accelerator pedals. The company said that in rare cases, the pedal mechanism could become worn and harder to depress or stuck in a partially depressed position.
"Toyota's image has worsened quite a lot because [the recalls] have tarnished the company's reputation for quality, which was the source of its strength," said Shigeru Matsumura, an analyst at SMBC Friend Research Centre.
"Toyota's strategy was to expand its share in the North American market due to the problems of General Motors (GM) and Chrysler. Now, because of these recalls and the sales suspension, it stumbled in its efforts. This has provided a new opportunity for car makers like GM," he said.
Aiming to regain some of its lost market share, GM will give owners of Toyota cars and lorries US$1,000 (Dh3,673) or free financing if they buy one of the US firm's models by the end of next month.
GM's programmes follow "thousands of calls" to the car maker's dealers from Toyota customers who were concerned or wanted help buying a GM vehicle, said Steve Hill, the general manager of retail activities for the company, based in Detroit. Ford also plans to offer $1,000 rebates to Toyota and Honda customers to make them switch to its models, said Robert Parker, a spokesman for the company.
The incentives may help GM and Ford vie with Honda and Hyundai for customers after Toyota halted sales of eight models including the top-selling Camrys and Corollas. "This is a good move by GM," said the car analyst John Wolkonowicz of IHS Global Insight. "This helps GM, because while its quality is quite good and much improved, it hasn't received the public accolades that Honda, Ford and Hyundai have."
Along with the Camry and Corolla, last week's Toyota recall covers the Avalon and Matrix hatchback, the RAV4, Highlander and Sequoia 4x4 as well as the Tundra pick-ups.
"We discussed doing a programme aimed at Toyota and decided it wasn't appropriate," said Chris Hosford, a Hyundai Motor spokesman.
"We are taking steps such as making sure our dealers have adequate supply. But we don't want to jump on this thing like a vampire."
* with Agence France-Presse and Bloomberg
COMPANY%20PROFILE
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The specs
Engine: 4-litre twin-turbo V8
Transmission: eight-speed PDK
Power: 630bhp
Torque: 820Nm
Price: Dh683,200
On sale: now
Company%20Profile
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What is a robo-adviser?
Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.
These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.
Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.
Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.
ENGLAND SQUAD
For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.
Company%20Profile
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Blackpink World Tour [Born Pink] In Cinemas
Starring: Rose, Jisoo, Jennie, Lisa
Directors: Min Geun, Oh Yoon-Dong
Rating: 3/5
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
THE DETAILS
Solo: A Star Wars Story
Director: Ron Howard
2/5
The End of Loneliness
Benedict Wells
Translated from the German by Charlotte Collins
Sceptre
FIGHT CARD
Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)
Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)
Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)
Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)
Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)
Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)
Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)
Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)
Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)
Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)
Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)
The%C2%A0specs%20
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COMPANY%20PROFILE
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
RESULT
Uruguay 3 Russia 0
Uruguay: Suárez (10'), Cheryshev (23' og), Cavani (90')
Russia: Smolnikov (Red card: 36')
Man of the match: Diego Godin (Uruguay)
World ranking (at month’s end)
Jan - 257
Feb - 198
Mar - 159
Apr - 161
May - 159
Jun – 162
Currently: 88
Year-end rank since turning pro
2016 - 279
2015 - 185
2014 - 143
2013 - 63
2012 - 384
2011 - 883
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard