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4-Traders Homepage  >  Equities  >  Tokyo  >  Toyota Motor Corp    7203   JP3633400001

TOYOTA MOTOR CORP (7203)
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Toyota Motor Corp : Toyota recalling more than 400,000 vehicles in Saudi Arabia

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12/27/2013 | 07:31pm CEST
Toyota cars are lined up for sale on the forecourt of a Toyota dealer in Purley, south London

(Reuters) - Toyota Motor Corp is recalling more than 400,000 vehicles in Saudi Arabia that were produced from 2006 to 2010 due to concerns about unintended acceleration, the company and Saudi Arabia's trade ministry said.

This is the same issue that led to the recall of nearly 19 million Toyota vehicles worldwide from late 2009 to early 2011.

Toyota and its agent in Saudi Arabia, Abdul Latif Jameel Co, will install brake override systems in the affected vehicles, the Saudi Arabian Ministry of Commerce and Industry said in a statement this week.

This is the second country, after the United States, where installation of the brake override system to prevent runaway Toyota vehicles has been required, the statement said.

Toyota in an emailed statement said that its main Toyota brand and luxury Lexus brand vehicles "are safe even without" a brake override system.

Regulators in the United States in 2011 found that there was no electronic-based cause of unintended high-speed acceleration in Toyota vehicles.

But, Toyota said it recalled the vehicles in Saudi Arabia to "ensure customers' peace of mind" and after the trade ministry's "strong request" that software for a brake override system be installed, Toyota said in its emailed statement.

The Toyota brake override system automatically counteracts any instances of unintended acceleration, including cutting power to the engine.

The recall in Saudi Arabia affects seven Toyota brand and three Lexus brand vehicles from model years 2005 to 2011.

(Reporting by Bernie Woodall; Editing by Bob Burgdorfer)

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Financials ( JPY)
Sales 2018 29 016 B
EBIT 2018 -
Net income 2018 2 431 B
Debt 2018 12 615 B
Yield 2018 3,12%
P/E ratio 2018 8,66
P/E ratio 2019 9,73
EV / Sales 2018 1,21x
EV / Sales 2019 1,19x
Capitalization 22 590 B
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 7 704  JPY
Spread / Average Target 11%
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Managers
NameTitle
Akio Toyoda President, Chief Financial Officer & Director
Takeshi Uchiyamada Chairman
Kiyotaka Ise General Manager-Technology & Development
Shigeki Terashi Director, Chief Risk Officer & Executive VP
Shigeru Hayakawa Vice Chairman
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