Toyota Recalls 2.4 Million Vehicles to Fix Hybrid System Issue

Toyota Motor Corp. (TM) announced it was recalling 2.4 million vehicles globally to fix a problem in those vehicles' hybrid systems that could cause them to lose power. 

Toyota shares are up 0.38% on Friday. 

The recall mainly affects Prius vehicles produced between October 2008 and November 2014. The recall in the U.S. alone affects 800,000 vehicles produced between 2010 and 2014. 

The vehicles are designed to enter a "fail-safe" mode should the gas-electric hybrid system fail, which should give the cars enough power to get off the road. However, a problem with the system could prevent the vehicles from entering the fail-safe mode. 

Separately, Toyota announced Thursday it entered with SoftBank Group Corp. (SFTBY) a $20 million joint venture -- Monet Technologies Corp. -- to create businesses that run on driverless technology. 

Want to Buy $1 Worth of Stock for 90 Cents or Less? You can with certain so-called "closed-end" mutual funds - an often overlooked investment class. Click here to register for a free online video in which TheStreet's retirement expert Robert Powell and an all-star panel tell you all you need to know. The webinar is sponsored by Nuveen.

More from Investing

Netflix Trounces Subscriber Estimates in Latest Earnings Report: 8 Key Takeaways

Netflix Trounces Subscriber Estimates in Latest Earnings Report: 8 Key Takeaways

I Have Some Long-Term Questions for Netflix

I Have Some Long-Term Questions for Netflix

A Guide to Investing in the Fast-Emerging Cannabis Industry

A Guide to Investing in the Fast-Emerging Cannabis Industry

Canopy Growth and 2 Other Pot Stocks to Buy as Canada Legalizes Cannabis

Canopy Growth and 2 Other Pot Stocks to Buy as Canada Legalizes Cannabis

Netflix Jumps After Hours After Reporting Strong Growth

Netflix Jumps After Hours After Reporting Strong Growth