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Global Marketing of Automotive Industry - Essay Example

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The author of the following paper "Global Marketing of Automotive Industry" argues in a well-organized manner that Brazil has a strong GDP and consumerist culture with ample incomes due to improvements in the economy and job infrastructure in the country…
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Global Marketing of Automotive Industry
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Toyota: Becoming a truly global player in the automotive industry BY YOU YOUR SCHOOL INFO HERE HERE TABLE OF CONTENTS 0 Introduction.................................................................................................................. 2.0 Background................................................................................................................... 2.1 Industry analysis................................................................................................ 2.2 Competitor analysis........................................................................................... 2.3 Current target market......................................................................................... 2.4 Current strategy.................................................................................................. 3.0 PESTLE analysis............................................................................................................ 3.1 SWOT analysis................................................................................................... 3.2 Porter’s Five Forces analysis.............................................................................. 4.0 Entry strategies................................................................................................................ 5.0 Marketing strategy........................................................................................................... 5.1 Brand.................................................................................................................... 5.2 The 4Ps................................................................................................................. 5.3 Pros and cons of going global............................................................................... 5.4 Related demographics........................................................................................... 6.0 Social media opportunities and CRM............................................................................... 7.0 Recommendations............................................................................................................. 8.0 Conclusion......................................................................................................................... References EXECUTIVE SUMMARY Toyota has experienced brand reputation problems in the European market, making it critical to enter new markets to offset revenue losses in this part of the world. Recurring recalls have damaged the brand and a new market opportunity, Brazil, could produce revenue growth until the brand is able to re-establish its quality reputation in Europe. Brazil has a strong GDP and consumerist culture with ample incomes due to improvements in the economy and job infrastructure in the country. Furthermore, the collectivist characteristics of consumers will make it easier for Toyota to build lifestyle marketing strategies to gain the loyalty and interest of diverse, niche consumers. Competitive threats are only moderate if Toyota invests in direct investment of new and modern production facilities in the country which would outperform major competitors who are forced to work with outdated equipment and limited technology availability (i.e. automation). Through brand management and heavy emphasis on promotion, Toyota can successfully compete and sustain advantages in a dynamic and saturated Brazilian market. Through a joint venture with a domestic automaker, shared resources and knowledge will assist in building brand preference with a new set of niche market consumers sharing unique and disparate lifestyle characteristics. Toyota: Becoming a truly global player in the automotive industry 1.0 Introduction Toyota Motor Corporation, a Japanese multi-national, is currently the largest automotive company in the world by ratio of production output, comparative revenues and market capitalisation (OICA 2013). In 2013, Toyota sustained revenues of 22.06 trillion yen (Toyota 2013). The company produced, globally, 9.9 million different automobiles (Toyota 2013) which surpassed the total output of main competitors including General Motors and Ford. Toyota currently maintains ownership of the Lexus and Scion brand, a business strategy designed to diversify the company and cater to a wider variety of global target market consumers. Toyota maintains production facilities in 27 different countries, thus improving company capacity and the ability to avoid high exportation costs by selling its many different models within the region where production occurs. Additionally, Toyota is currently a leader in best practice procurement sustaining a lean production system that avoids costs along the entire value chain. As a strongly quality-focused company, Toyota works diligently to enhance safety for consumer markets which is the basis of the company’s global marketing strategy to differentiate from existing competition. Toyota experienced significant negative publicity between 2007 and 2012 for an abundance of recalls that were linked with inefficient production and parts procurement along the supply chain (Madslein 2012; Toyota 2012; Toyota 2012). For a company that once had a very strong brand in the European marketplace, the reputational damage that occurred due to failures to achieve the company’s quality mission and quality positioning made the company lose significant revenues with customer segments that no longer trusted Toyota’s quality focus. To illustrate, in Europe, Toyota sustained revenues of 3.35 billion yen whilst in North America, the company’s sales were 8.77 billion yen. The company has still not been able to remove the negative consumer perceptions about quality in the European marketplace, making it necessary for the company to expand operations into a new foreign market environment. The aforementioned brand reputation damage that occurred as a result of recurring recalls and quality problems is the most significant and problematic scenario at Toyota which requires a change of strategy toward creating a differentiated brand and regaining consumer confidence about Toyota’s quality-based competencies. Since there has been significant damage done to the corporate brand, it is a viable strategy to insulate the company from potential revenue-building risks by seeking new markets for entry where the Toyota brand has not experienced significant reputational problems. 2.0 Background Toyota has positioned the company according to its ability to provide top quality products to a variety of consumer segments. This has been a long-standing brand management activity that has served to differentiate the firm from its many global competitors. YouGov’s Brand Index, a measurement of the company’s brand buzz, indicated that the negative publicity achieved by the business between 2007 and 2012 led to a 12.6 percent reduction in consumer confidence about the company and its quality standards (Baker 2012). As a result, in the European market, Toyota now only holds a 4.6 percent market share (InAutoNews 2013). With considerable reputational damage occurring, the European market no longer represents a lucrative opportunity without substantial investment in marketing to redevelop positive consumer perceptions about the brand quality. 2.1 Industry analysis Brazil represents an opportunity for market entry in a country where consumers are much less familiar with the quality concerns that plague the business in Europe and where economic conditions are now favourable for establishing a solid presence. Brazil is also the eighth largest economy in the world measured by 7.5 percent GDP growth in 2010 (Mazza and Stul 2012). Toyota provides moderately priced vehicles that cater to the general middle class consumer which provides significant advantages for revenue production in this market as, last year, 30 million new consumers entered the middle class due to improvements in the national economy and job availability (Mazza and Stul 2012). Demand in the Brazilian automobile industry is exploding and total auto sales in this thriving economy are expected to reach five million units by 2014 (Cars Direct 2012). Because of this high level of demand, Brazilian automakers are unable to meet output and sales and are being forced to import foreign-made vehicles for a thriving consumer market (Cars Direct 2012). Importation from Argentina into the Brazilian market rose by 33 percent in 2008. Many auto producers in the country are owned by major competitors such as General Motors and the industry is making it difficult for these automakers to meet quality standards (Cars Direct). This is why the industry represents significant revenue and brand-building opportunities for a company that works diligently to position the brand under terms of quality. Factories of competing automakers in Brazil are inefficient and aging, with very little automation capabilities (Winterstein 2013). Toyota, however, maintaining very high capital resources, experience in production and the ability to procure manufacturing facility assets could provide the business with opportunities to outperform failing and struggling automakers’ production capabilities. The costs of raw materials procurement along the South American supply chain are considerably more expensive than in the European market. Plastic components, electronics, steel and aluminium are currently 10 to 20 percent more costly in Brazil (Winterstein 2013). The difficulty facing Toyota in this South American auto industry is that companies do not want to raise prices due to the price inflexibility of price sensitive buyers in the middle class and they are thus unable to pass on higher prices for finished output and must absorb these costs (Winterstein). This is where Toyota maintains an advantage. Toyota maintains considerable buying power along the global supply chain which will allow the company to import vital raw materials from countries where procurement costs are less expensive, thus outperforming competitors that are struggling to maintain consumer-accepted pricing structures and are being forced to absorb high raw materials procurement costs. 2.2 Competitor analysis It is a very saturated competitive environment in Brazil, with Toyota having to compete against major global players such as General Motors, Fiat, Volkswagen, Chevrolet and Mercedes Benz. Competitors are limited in this market as the current dynamics of the supply chain in Brazil as well as the expense incurred in an aging automobile production infrastructure that makes model changes extremely cost ineffective (Munck 2011). Therefore, major competitors are unable to create new automobile models without forcing consumers to incur a higher price tag per unit in order to offset the costs of procurement and updating of current manufacturing capability. Furthermore, the Fiat group has announced intentions to invest 3.78 billion USD to improve capacity and production to more effectively compete (Munck 2011). Volkswagen intends to invest 3.44 billion whilst Ford intends to invest 2.78 billion USD. These represent considerable financial capital expenditures to improve supply chain capacity and manufacturing, which gives Toyota a cost advantage. Major competitors are straining capital budgets simply to provide relevant new models to demanding and growing consumer markets in this country. This limits the potential of major competitors to utilise sales revenues more efficiently as the sale of new production units will not immediately serve to counteract the investments necessary to dominate the Brazilian automotive industry. Mercedes Benz holds 32 percent of market share among competition (Munck). This is due to the fact that there are three million Brazilian consumers that are able to afford luxury products (Mazza and Stul 2012). Luxury car sales have grown by 45 percent year on year (Mazza and Stul). Toyota, as the parent company of Lexus, maintains tremendous opportunities to capitalise on growth in consumer real incomes and higher demand in the luxury automobile market. Though Mercedes Benz maintains a very strong brand image in this country, Toyota will be able to devote more of its capital resources into luxury vehicle production and sales strategies, something not achievable with major global players such as GM and Ford that are more devoted to creating mid-priced vehicles and must invest billions of U.S. dollars simply to sustain production efficiency and quality. Brazil also has considerably high production wages that are paid to automotive industry employees, which have risen by 125 percent in the last decade (Muller 2012). This has created a situation where major competitors such as GM and Ford are reporting much less efficient operating results in a production environment where productivity has only increased 22 percent in a ten year period (Muller 2012). The Brazilian automotive industry maintains poor training competencies which, again, forces major competitors to invest considerable labour and financial capital into the training process. Toyota maintains opportunities to develop a unique and cost effective recruitment process and establish a lower wage system to outperform major competitors in competitive advantage (in terms of cost controls) along the operational and administrative models. 2.3 Current target market The current target market for Toyota’s mid-sized vehicles and for sales of Lexus products are the middle class, mass market consumer with moderate resources as well as the luxury consumer. Competitors utilise demographic segmentation variables in order to identify target markets and Toyota maintains opportunities to use psychographics to create lifestyle-related brand connections with desirable target markets. In this highly saturated competitive environment, it is very difficult to differentiate the product from competing models as main competitors produce both luxury and mid-sized, moderately priced vehicles with rather homogenous product benefits, design and features. By utilising psychographic segmentation to identify important target markets, Toyota can manage to build brand preference and loyalty by seeking niche markets and then targeting based on the known or researched lifestyle characteristics of various consumer groups. Brazil is a very collectivist nation, scoring highly on Geert Hofstede’s Cultural Dimensions Framework in this dimension. Brazilians in many different socio-economic environments are brought up to belong to strong and cohesive social groups where loyalty to in-group members is a primary social expectation. From a business perspective, it is necessary to establish strong and trusting relationships before consumers will be loyal to the brand (Hofstede 2013). Hence, once the company has identified the lifestyle traits and social characteristics of niche markets, the business can develop targeted advertising and promotion that illustrates how the brand understands consumer needs to build attachments. According to marketing literature, when consumers perceive that the brand maintains the potential to enhance their social status and improve on their individual self-expansion, important and potent brand connections are built (Zhang and Chan 2009; Aron, Aron and Smollan 1992). It is not efficient in this saturated market for Toyota to attempt demographic segmentation as consumers have considerable competitive choice and selection at similarly-competitive pricing structures. To gain competitive edge, niche market targeting with unique consumer-centric promotions and integrated marketing communications strategies will gain more loyalty and provide consumers with perceptions that the brand can expand their social status and generate self-improvement. 2.4 Current strategy In accordance with Ansoff’s Matrix, the current strategy for Toyota is product development, creating unique auto models, such as hybrid vehicles, to gain more consumer loyalty and differentiate from competition. Toyota commits considerable labour and financial capital into the research and development process. Whilst consumers in the global automotive industry utilise market development strategies to gain new consumer-driven revenues, Toyota has always focused on creating innovations in design, functionality and product features through development processes. This has been effective in the North American market where consumers want to express their individuality through new model procurement and has been an effective strategy for gaining loyalty by existing target consumers. This will not, however, be effective in Brazil and will, instead, require market penetration which is achieving growth through the sale of existing products to increase market share (ICMBA 2010). In an environment where it would require substantial financial capital in order to create recurring new models, Toyota can instead utilise existing production systems to create existing products and, thereby, maintain cost controls and rely on promotion to penetrate the competitive market. 3.0 PESTLE analysis The political environment is detrimental for new market entry as well as to competitors. It has been becoming common practice in this competitive environment for auto manufacturers to import raw materials as a cost savings effort from such nations as China. However, the government in a self-protectionist mode in recent years has been imposing significant tariffs and taxations on imported products (Rapoza 2012). There are currently 500 companies in Brazil, domestically, that service the industry but they are unable to keep up with procurement needs. The government therefore sees importation of materials as a threat to GDP in the country and has significantly increased a variety of taxations that impose even higher costs onto auto manufacturing competitors that rely on foreign-made products to provide expected output. The economic environment also complicates cost savings along the operational model for auto producers. Imports in Brazil grew at a rate of 46 percent in terms of sales, whilst domestically-produced products only grew by 12 percent annually between 2005 and 2011 (Global Auto Industry.com 2012). This has led to considerably high inflation rates compared to many other developed countries, at 6.7 percent (Trading Economics 2013). Higher inflation, in turn, leads to higher electricity costs (impacting the operational model). In 2003, tariff hikes led to a 17 percent increase in electricity costs and 19 percent for water and sewage (Business News Americas 2004). These tariffs are still in place and, when coupled with inflation, cause considerable financial implications for auto manufacturers that rely on cost controls in order to keep pricing structures low in the mid-sized car category, something that has brought Toyota considerable revenue growth in the United States. From a positive perspective, rising incomes among the middle class provide new opportunities for disposable income that translates into better revenue production opportunities for automakers in Brazil. Between 2002 and 2006, households with annual disposable incomes exceeding US $15,000 grew by 36 percent (Eghbal 2007). This type of growth rate is steady. Socially, consumers in Brazil have a stronger appetite for consuming global brands. Conspicuous consumption, the process of buying products to illustrate to important social reference groups one’s financial or social status, is on the rise in this consumerist culture. This represents tremendous opportunities for marketing the Lexus brand. There is not a well-developed technological infrastructure in Brazil, which is illustrated by lack of automation in aging production facilities. This maintains implications for Toyota in terms of procurement of capital assets that are more efficient in order to produce quality outputs that can effectively compete in this saturated market. Research did not uncover any legal issues that would undermine new market entry into Brazil. The capitalistic and free market-minded government actively supports business, providing long-term tax incentives for companies that comply with various legislation. Furthermore, the government does not even impose regulations that demand automakers install anti-lock braking systems and air bags (Brooks 2013). The country is far behind other developed countries for creating compliance-mandating legislation which does represent the opportunity for cost savings in the production process. 3.1 SWOT analysis Strengths Considerable buyer power in the global supply chain Very substantial cash flow and cash position Cost leadership strategy supported by lean production methodology A strong customer relationship management focus The ability to promote moderate pricing structures to appeal to price sensitive buyers Weaknesses Recurrent product recalls Unable to create barriers for substitute products in the Brazilian industry Lack of experience in niche marketing Little brand preference in Brazil Opportunities Create strategic alliances or joint ventures with domestic automakers to outperform global players and share costs of production improvement Create similar alliances with domestic partners to reduce costs along supply chain and avoid importation tariffs Higher investment into advertising to build brand preference and loyalty Threats Rising prices along the supply chain High inflation rates Emerging European competition creating more options for consumers that lowers switching costs Unstable economic systems that are impacting real interest rates and dropping currency value against the British Pound Sterling and the US Dollar 3.2 Porter’s Five Forces analysis Consumers in the Brazilian environment have considerable buying power. There are many competitive models available at a mid-range and luxury price which lowers the switching costs for brand defection. There is ample availability of substitute products in each model category, which raises their bargaining power. Products, due to the inefficient production infrastructure in the country, are rather standardised which greatly impacts pricing structures of competing automakers. Fortunately, there are few threats of new entrants into the market as it requires substantial financial capital to enter the market and many products and innovations are protected by intellectual property laws. There is high supplier power for competitors that rely on domestic suppliers to avoid high tariffs established on imported raw materials. However, this is not as relevant to Toyota that maintains a strong presence for volume purchases internationally which limits the switching costs to Toyota. Toyota has much bargaining power in the global supply chain. The threat of substitutes is high in this market with many competitors altering models to replicate existing products of competing firms. For instance, hybrid vehicles can be substituted for vehicles with increased gas mileage, but maintaining traditional design characteristics. Competitive rivalry represents only a moderate risk or Toyota as the saturated market makes it difficult for companies to differentiate and create unique brand personalities. Products are largely homogenous and it relies on the marketing and promotional prowess of competitors to establish a powerful and recognised (as well as preferred) brand reputation in Brazil. Price reductions are nearly impossible, which is a major competitive tool in the automotive industry in other markets, which is driven by high procurement costs and government-imposed taxations on imports. 4.0 Entry strategies Toyota will be entering the Brazilian market through the development of joint ventures, as it provides combined financial strengths, shares risk, and also improves technological capacity. Smaller, domestic auto producers that are having problems competing can create a joint venture operation with Toyota that will assist in improving distribution capabilities and allow Toyota to save costs associated with production redevelopment and modernisation, something necessary to create efficiency and relevant product output. Troller, a smaller automaker based in Brazil, has experience in sales and service to Brazilian consumers since 1995, but has failed to gain market share against major multi-national competitors. By sharing resources in the joint venture, Toyota can be granted licensing for design and production whilst sharing similar agreements with Toyota for improving the design and capability of the established Troller brand with considerable brand recognition in this market. Shared production, marketing, distribution and knowledge management will improve the ability to better service Brazilian niche markets. 5.0 Marketing strategy 5.1 Brand Toyota does not have quality-related problems in the new Brazilian market. However, the business must differentiate in order to create a brand personality in this market. The joint venture with Troller will allow Toyota, through licensing and other contractual agreements, to diversify its product offerings and establish trust with consumers already loyal and familiar with the Troller name. An accepted brand personality must appear exciting, sophisticated, and sincere with markets in order to gain loyalty (Aaker 1996). Lifestyle marketing will build a positive brand reputation and attract consumers. 5.2 The 4 Ps In terms of price, products must be priced competitively for price sensitive markets with only moderate disposable incomes. Price is often the method by which consumers measure quality, therefore Toyota should be utilising recurring price promotions and discounting in order to gain consumer interest and also establish a reputation for quality. Toyota maintain the ability to build more diverse models through direct foreign investment into new production facilities that are more modern than existing competing production facilities. Utilising the firm’s available financial capital will allow the business to substantially outperform competitors in terms of modernisation, technology and output capacity. Toyota should partner with existing auto dealerships to carry Toyota brands. There is an ample sales infrastructure in the country and, through these agreements, would avoid Toyota having to absorb high capital expenditures in the operational model. Co-branding will give Toyota more visibility and brand recognition. Promotion will be key to gaining consumer interest in Toyota over competitors. By utilising lifestyle-related advertisements, the business can illustrate many diverse Toyota products being used by aspirational social actors sharing lifestyle qualities to give the brand a more solid identity. Advertisements should include billboards, television advertising, radio promotions and other integrated marketing communications to provide a consistent message about quality and the ability of the brand to expand social status. 5.3 Pros and cons of going global There are very high capital expenditures for foreign direct investment into new production facility development in the country. Competitors will attempt to replicate marketing messages and strategies if it is witnessed that it is leading to higher brand loyalty. Very difficult to differentiate in saturated markets High importation tariffs add significant costs to procurement along the supply chain. 5.4 Related demographics Consumer confidence is increasing in Brazil among many different socio-economic target markets. Research did not uncover any relevant information indicating that consumers will not actively be seeking global automobile brands or significant concern about long-term economic stability within diverse socio-economic households. 6.0 Social media opportunities and CRM Growth in mobile Internet usage represents substantial opportunities for improving customer relationship management and building a more potent and recognised brand. Seventy seven percent of Brazilian consumers in 2012 utilised social media from smartphones and engaged in social networking as a lifestyle tool. The ability of Toyota to inject transparency and trust into the brand can be achieved through blogging, popular sites such as Facebook, and even promote upcoming sales discounts to better engage consumers. The use of digital marketing, such as sending relevant promotions to consumers who have signed up on the Toyota website, is low cost and establishes a sense of exclusivity to consumers. Emails and mobile device updates will illustrate to consumers that the brand values consumers and improve visibility of the brand. 7.0 Recommendations Based on all research findings, it is recommended that Toyota begins a movement marketing campaign in Brazil, telling customers what the company values and believes in rather than what it produces. This has given Apple Inc. considerable brand loyalty and establishes reciprocal relationships between consumers and the brand. The company should be engaging consumers on social media and developing videos that illustrate Toyota outside of a singular focus on quality, but combining this strategy with conspicuous consumption to make Toyota appear to be a premium product over that of competition. Toyota should also be recruiting advertising models and celebrities that are considered aspirational in the local Brazilian market. Pricing is already competitive which will make consumers believe that Toyota is quality, therefore lifestyle promotions will be the only non-replicable brand asset for the business. Toyota needs to change its focus from its traditional European strategy that positions the brand on quality and try to develop relationships. In a collectivist culture, these relationships are crucial to gaining consumer interest and loyalty. It needs to be an aspirational social brand if the Toyota brand is to outperform other multi-national automakers in the industry. There should be more focus on promoting and manufacturing the Lexus brand in a market where there is much higher growth in luxury product consumption. This will provide higher revenues for Toyota and also seize market share from the established Mercedes Benz competitor brand. Conspicuous consumption is very prevalent in this market and it should be promoted as an aspirational brand with emphasis on lifestyle improvement through product. 8.0 Conclusion Based on all research findings, Toyota maintains the ability to offset its brand reputation damage in Europe by entering the Brazilian market. The company does not have quality reputation problems and can capitalise on the collectivist attitudes of niche markets. Cohesive integrated marketing communications through a variety of promotional mediums will give Toyota a wholly new image as a brand that can improve social status, satisfy pricing sensitivity, and also give customers the perception of a company with diverse product offerings. Whilst other competitors in the industry have been unable to generate this perception due to tangible inefficiencies in manufacturing capacity and technology, Toyota’s direct investment in updated and modern manufacturing will allow for faster release of new models to satisfy consumer seeking identity through status consumption. Heavy emphasis on niche market promotional development, based on all research, would appear to be the most viable and profitable strategy for the firm. References Aaker, D.A. (1996). Measuring brand equity across products and markets, California Management Review, 38(Spring), pp.102-119. Aron, A., Aron, E.N. and Smollan, D. (1992). Inclusion of other in the self-scale and the structure of interpersonal closeness, Journal of Personality and Social Psychology, 63(4), pp.596-611. Baker, R. (2012). Toyota’s brand perception damaged by recall, Marketing Week. 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[online] Available at: http://blog.euromonitor.com/2007/09/brazils-new-middle-class-has-a-growing-appetite-for-consumption.html (accessed 22 November 2013). Global Auto Industry.com. (2012). Brazil moves to protect domestic industry against imports. [online] Available at: http://www.globalautoindustry.com/article.php?id=8371&jaar=2012&maand=6&target=Latin (accessed 17 November 2013). Hofstede, G. (2013). What about Brazil?, The Hofstede Centre. [online] Available at: http://geert-hofstede.com/brazil.html (accessed 21 November 2013). ICMBA. (2010). Ansoff Matrix, Internet Center for Management and Business Administration. [online] Available at: http://www.quickmba.com/strategy/matrix/ansoff/ (accessed 21 November 2013). InAutoNews. (2011). Toyota Europe plans to lift sales and market share. [online] Available at: http://www.inautonews.com/toyota-europe-plans-to-lift-sales-and-market-share (accessed 23 November 2013). Madslein, J. (2012). Toyota to recall 7.4 million cars, BBC News. 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Rapoza, K. (2012). Weak economy pushes Brazil to protectionism, Forbes Magazine. [online] Available at: http://www.forbes.com/sites/kenrapoza/2012/09/05/weak-economy-pushes-brazil-to-protectionism/ (accessed 21 November 2013). Toyota. (2013). Financial summary – FY 2013. [online] Available at: http://www.toyota-global.com/investors/financial_result/2013/pdf/q4/summary.pdf (accessed 24 November 2013). Toyota. (2013). TMC announces results for December 2012 and CY2012. [online] Available at: http://www2.toyota.co.jp/en/news/13/01/0128.html (accessed 22 November 2013). Toyota. (2012). Toyota announces recall of Auris, RAV 4, and Yaris in the UK. [online] Available at: http://blog.toyota.co.uk/toyota-announces-recall-of-auris-rav4-yaris-and-corolla-in-the-uk (accessed 25 November 2013). Toyota. (2012). Recall announced for Toyota Avensis, Toyota Corolla, and Toyota Prius. 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