Japanese automaker Toyota Motor Corp. (TM) has recalled 162,000 of its Tundra pickup trucks in the United States due to multimedia display issues.
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In a news release, Toyota said that the recall impacts 2024-2025 Toyota Tundra and Tundra Hybrid models. According to the automaker, the problem involves the multimedia display in the trucks, which can become stuck on a camera view or display a black image while the vehicle is engaged.
Toyota did not provide details about the potential safety implications of the display malfunction or the timeline for repairs in its announcement. However, the company said that impacted Tundra owners will be notified and that the display issue will be fixed at licensed Toyota dealers.
Toyota’s Strategy
The Tundra recall is the largest one in the U.S. in years and comes as the automaker executes an aggressive electrification strategy. Toyota has a goal of achieving 1.5 million electric vehicle sales a year by 2026, and selling 3.5 million battery-powered vehicles annually by 2030.
The company is also developing a method for mass producing solid-state batteries for electric vehicles and aims to commercialize the technology. Toyota has prioritized electric vehicle production even though rivals such as General Motors (GM) and Ford Motor Co. (F) have scaled back their EV ambitions.
Is TM Stock a Buy?
Not enough Wall Street analysts cover Toyota Motor Corp. So instead, we’ll look at the three-month performance of TM stock. As one can see in the chart below, Toyota’s share price has risen 10.55% in the last 12 weeks.
