Toyota is investigating if its vehicles involved in an undisclosed number of fatal accidents in China during the first half of 2011 were faulty.
Its Camry, Reiz [Chinese Mark X] and Prado [Landcruiser Colorado] were among models alleged by China’s General Administration of Quality Supervision, Inspection and Quarantine to have faulty brakes and driveshafts.
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In 2006, Toyota recalled some Prado models to repair faulty drive shafts.
The news late last week led briefly to a flurry of sales of Toyota shares as investors recalled the 2009 and 2010 recalls of millions of vehicles after ‘sudden acceleration’ incidents.
“Investors sold Toyota [shares]… because the China report reminded them of Toyota’s problems in the US two years ago,” said Masayoshi Okamoto, head of dealing at Jujiya Securities.
“But the reports [were] unclear and there were no further developments so some investors bought back the company’s shares.”
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