Toyota Was 2013′s Recall King, But GM Is Threatening to Take the Crown
Japanese automaker Toyota (NYSE:TM) has been the manufacturer most closely associated with large-scale recalls since the unintended acceleration problems from 2009 and 2010, but this year, the recall king may forfeit its crown to domestic manufacturer General Motors (NYSE:GM).
Perhaps understandably, Toyota has been quick to hit the recall switch since its debacle — for which it paid a settlement of $1.2 billion earlier this year — to avoid potential issues from ballooning out of proportion. As a result, the world’s largest automaker reeled in over 5 million vehicles in 2013, but get this: Toyota has issued a single recall already this year that fell at over 6 million units worldwide.
Not to be outdone in any regard, it seems, GM hasn’t been idling on its safety issues. On Thursday, the company issued five more safety recalls covering about 2.7 million vehicles, all in the United States.
The ignition switch scandal is by far the most high-profile and largest recall by volume that General Motors has launched this year. The company has initiated more than 20 recall campaigns covering in excess of 8.5 million vehicles so far this year prior to the recent quintet of campaigns. It’s not even June yet.