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Toyota recalls Corolla, Lexus IS models

On Wednesday, Toyota said it is recalling 752,000 Corolla and Corolla Matrix vehicles from the 2003 and 2004 model years, and about 270,000 Lexus IS vehicles built between 2006 and 2012. The Corolla and Corolla Matrix may be susceptible to an electrical short that could cause the frontal airbag and front seatbelt pre-tensioners to inadvertently deploy, according to Toyota. The Lexus IS faces a problem with windshield wipers that are not sufficiently secured and may not operate properly when weighted down by heavy snow.

GM moves Nesbitt back to design group in management shake-up

General Motors has made big changes to its top management structure, splitting apart its sales and marketing activities and naming new bosses for each discipline. The goal is to reduce layers of management under Mark Reuss, GM's president for North America. Among the key changes: -- Designer Bryan Nesbitt, who was made chief of the Cadillac brand last fall, is going back to the design group.

Marchionne says he'll likely step aside from Chrysler in 2015 or 2016

Chrysler CEO Sergio Marchionne on Wednesday hinted that he will be stepping aside from the helm of the U.S. automaker within five years. During a question-and-answer session at the 2011 Management Briefing Seminars in Traverse City, Mich., the 59-year-old executive said Chrysler's future plans "will be up to the guy after me--after 2015 or maybe a year later….