In this paper, we propose a novel outlier-robust missing value correction model, TDWLFT, to address the missing problem of high-quality spatiotemporal traffic data, which is essential for improving the performance of intelligent transportation systems (ITS). Unlike the existing latent factor tensor decomposition (LFT) models that use the L2-norm, which is vulnerable to outliers, TDWLFT introduces the threshold distance weighting (TDW) loss function to reduce the influence of outliers. Experimental results show that TDWLFT outperforms existing state-of-the-art techniques in both prediction accuracy and computational efficiency on traffic speed datasets in various urban environments.