Toyota Motor (NYSE:TM) announced today that it is conducting a voluntary recall of 106,000 Toyota Prii made from 2001 to 2003 globally, to replace nuts that hold the steering wheel in place that may come loose.
According to the company's statement, "If the steering wheel is repeatedly and strongly turned to the full-lock position, there is a possibility the nuts securing the pinion shaft of the steering gear box assembly may become loose."
Toyota dealers will install improved nuts at no charge to the owner. Notification letters will begin being sent in early July 2011, and the repair will take approximately four hours, depending on the dealer's schedule.
The recall includes 52,000 vehicles sold in the United States from the 2001 - 2003 period.
Shares of Toyota Motor are trading down 0.7% at $82.71.