German car producer BMW is now recalling nearly 350,000 vehicles around the world. The recall is due to possible brake problems that might occur among vehicles with high mileage.

The company's chief financial officer told Reuters he did not expect repairs to take great technical effort but would not offer an estimate on how much the recall would cost.

BMW's problem, which tended to occur among vehicles with high mileage, was discovered in models equipped with the eight-and 12-cylinder engines that are popular in the United States.

Around 345,000 BMW brand 5, 6 and 7 Series models built since 2002 are being recalled worldwide.Of that, almost 200,000 are owned by U.S. residents.Rolls-Royce Phantom customers are also being asked to bring their vehicles to a garage for inspection.

BMW shares were down around 3 percent in afternoon trade.