DETROIT - CTS Corp, supplier of accelerator pedals used on eight vehicle models recalled by Toyota Motor Corp, said on Wednesday it is in talks with Toyota about a remedy for the problem.
Toyota recalled 2.3 million vehicles last Thursday because of accelerator pedals sticking and slow to return once a driver released pressure.
CTS spokesman Mitch Walorski said CTS was continuing to supply Toyota with pedals made at its plants in Streetsville, Ontario, Canada.
CTS shares were down 16.11 percent at $7.24 in early afternoon trading on the New York Stock Exchange.
CTS, which has supplied Toyota with auto parts since 2005, has annual sales of about $600 million. Toyota makes up about 3 percent of its sales and the pedals make up almost all of its business with Toyota, said Walorski.
Walorski said CTS is aware of eight incidents in which a pedal it made got stuck in a Toyota vehicle. None of those incidents led to an accident, injury, or a sudden burst of acceleration, he said.
CTS is based in Elkhart, Indiana. (Reporting by Bernie Woodall and Soyoung Kim)