Toyota’s 7.43 Million Car Recall — No Harm, No Foul

24/7 Wall St.

Toyota Motor Corp. (NYSE: TM) recalled 7.43 million vehicles worldwide today for what its said were power window switches that could cause fires. Toyota said that there had been none of these fires as far as it knows. Recalls in 2008 that included 5 million cars with floor mat problems and 2.2 million for accelerator problems probably were much worse. Toyota was slow in admitting the previous problems, which prompted Congress to haul CEO Akia Toyoda to Washington to explain the matter. Toyota’s sales prospects and quality reputation were hurt by, among other things, Toyoda’s poor showing.

The new 7.43 million recall could be seen as overly cautious by Toyota. But as it was burned in 2008, the car maker may have learned that it is better to handle potential mechanical problems as quickly as possible. The latest action involves cars and light trucks made between July 2005 and May 2010. Among these are the…

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