Toyota, Subaru shares slide on EV recall
STORY: The wheels could be coming off for Toyota and Subaru, almost literally.
Shares in the Japanese automakers slid on Friday (June 24) after an embarrassing recall for their first mass-produced electric vehicles.
It affects Toyota’s bZ4X and Subaru’s Solterra - both launched just weeks ago.
Japan’s safety regulator warned that sharp turns or sudden braking could cause a hub bolt to loosen, potentially causing a wheel to come off.
It said it wasn’t aware of any incidents as a result of the fault.
Subaru shares slumped as much as 5% after the news, before clawing back some ground.
Toyota fell as much as 1.6% before it too recovered somewhat.
The recall affects just over 5,000 cars in total.
Toyota is Subaru’s largest shareholder, and the two vehicles were developed jointly.
