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Toyota Recalling 516,000 Vehicles In Three Recalls

Toyota said Thursday it's recalling 516,000 vehicles worldwide - including 430,500 in the U.S. - for three separate safety problems, including brakes that can activate without warning. The company said it has no reports of accidents or injuries due to the defects. In all three cases, the company will alert owners and dealers will repair the issues for free. The largest recall, of 450,000 Sienna minivans from the 2004-2011 model years, targets vehicles sold in cold weather areas. Toyota said road salt can corrode the spare tire carrier under the vehicle and the tire can fall off. Siennas from the 2004-2010 model years were for the same issue in 2010, and a splash protector and anti-rust protection were applied. But the company says the splash protector can fall off and rust can still occur. The recall involves 370,000 minivans sold in the U.S., 80,000 in Canada and 400 in Europe. Also recalled Thursday were: - 16,000 Lexus GS 250 and 350 sedans from the 2013 model year because a manufacturing defect can cause the brakes to activate without warning, and without turning on the brake lights. Most of the vehicles - 10,500 - were sold in the U.S. Also included are left-hand-drive sedans sold in Canada, China and Europe. - 50,000 Highlander and Highlander hybrid SUVs from the 2014 model year. Toyota says a software glitch may prevent the vehicle from properly calculating the size of the front passenger when determining whether to fire the air bags. The affected vehicles assume the passenger is smaller, so the bags may not fire or they may fire at a lower speed than necessary for a larger passenger. Toyota says most of the affected vehicles - 45,287 - were sold in the U.S. Around 3,400 were sold in Canada and the rest were sold in Mexico and Europe. Related Gallery AOL Autos Test Drive: 2014 Toyota Highlander Recalls Toyota

Toyota plans biggest stock buyback in over a decade

At the end of December, 2013 Toyota had a cash stockpile of 1.8 trillion yen ($17.5B US). As of March 31, at the end of its current financial year, company coffers are expected to swallow another 1.9 trillion yen ($18.4B US) in net profit - said to be a record sum for the Japanese automaker. In a gesture signaling a turnaround from the horrors of the global recession, Bloomberg reports that Toyota will buy back 60 million shares of its stock, as much as 1.89 percent of the company, for something like 360 billion yen ($3.5B US). It's the first buyback since 2009 and the largest buyback since 2003, when it spent roughly 390 billion yen ($3.8B US) repurchasing shares.
Company president Akio Toyoda founded the Toyota Mobility Foundation (TMF), a non-profit that will support international groups working on transportation issues in emerging markets. Half of the stock that Toyota buys, 30 million shares, will be sold to the foundation via the Japanese Trustee Services Bank for one yen per share, the dividend providing the foundation's initial funding. The other 30 million shares will be canceled, a company spokesman telling Reuters that the company wants to reward shareholders.
Industry analysts have been asking Toyota to either return money to shareholders or invest in new factories, but Toyota has ruled out the latter. After getting burned with excess capacity when the financial crisis came, the company is focused on extracting efficiencies from the plants it already has. Toyota has said it plans to complete the buyback by June of this year.

119K Toyota Avalon sedans recalled over airbag woes

Toyota has issued a voluntary safety recall for 119,000 2003-2004 Avalon models because in some cases the airbags could inadvertently deploy.
The automaker says that circuits within the airbag control module could be damaged by electrical noise, which could cause the front airbags and seatbelt pre-tensioners to activate. Dealers are going to repair cars by adding an electrical noise filter to the module. Owners will be notified by first class mail.
Toyota Public Affairs Manager Cindy Knight told Autoblog that there was one reported injury caused by the sudden deployment, but there have been no accidents or crashes. The company is currently preparing the parts for dealers now, and the component takes 90 minutes to two hours to install. "We don't believe there are any other affected models," said Knight.