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Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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Toyota (TM) Recalls 1M Vehicles Over Potential Air Bag Issue
Toyota Motor Corporation (TM - Free Report) is recalling nearly 1.12 million vehicles worldwide, including 1 million vehicles in the United States, due to air bag issues. Per the automaker, the front passenger air bag may not deploy properly in the event of a crash, exposing the passenger to risk of injury.
Per a notice posted on Toyota’s website, a possible fault in the Occupant Classification System (“OCS”) sensors may cause a short circuit, due to which the air bag system may fail to detect the passenger’s presence and weight and may not deploy as designed.
The recall covers Avalon Hybrid, Camry Hybrid, Corolla, Highlander Hybrid, RAV4 Hybrid & Sienna Hybrid as well as Lexus ES250, ES350, RX350 and RX450H with model year 2020-21 & ES300H with model year 2020-22.
Per the recall notice, Toyota and Lexus dealers will inspect the vehicles and, if necessary, will replace OCS sensors free of cost. The automaker plans to notify affected vehicle owners by mid-February 2024.
Per the National Highway Traffic Safety Administration, the new sensors are preferred over the older ones, which are deployed for drivers and passengers alike, increasing the chances of injury and even death in a few cases.
In July 2022, Toyota recalled 3,500 RAV4 vehicles in the United States due to faulty OCS sensors.
Zacks Rank & Other Key Picks
TM currently carries a Zacks Rank #2 (Buy).
Some other top-ranked players in the auto space are Volvo (VLVLY - Free Report) , Stellantis N.V. (STLA - Free Report) and BYD Company Limited (BYDDY - Free Report) . While VLVLY sports a Zacks Rank #1 (Strong Buy), STLA & BYDDY, each carry Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for VLVLY’s 2023 sales and earnings indicates year-over-year growth of 4.2% and 70.6%, respectively. The EPS estimates for 2023 and 2024 have increased 8 cents and 7 cents, respectively, in the past seven days.
The Zacks Consensus Estimate for STLA’s 2023 sales and earnings indicates year-over-year growth of 12.3% and 11.3%, respectively. The EPS estimates for 2023 and 2024 have increased 3 cents and 16 cents, respectively, in the past seven days.
The Zacks Consensus Estimate for BYDDY’s 2023 sales and earnings indicates year-over-year growth of 35.7% and 74.7%, respectively. The EPS estimate for 2024 has increased 10 cents in the past 60 days.