Toyota Motor Corporation Board of Directors Chairman Akio Toyoda bows his head during a press conference in Tokyo on June 3, 2024. Toyota said on June 3 it suspended domestic shipments of three car models after breaking government certification rules along with Japanese rivals Honda, Mazda, Suzuki and Yamaha.
Yuichi Yamazaki | Afp | beautiful images
Shares of Japanese automakers have largely declined since the country’s departure The Ministry of Transport discovered incorrect data used to certify certain vehicle models a week ago on Monday.
Shares of Japan’s largest auto manufacturer Toyota fell more than 5.4% last week, after the scandal broke on June 3, but was recovering on Monday. Just last week, the automaker lost 2.45 trillion Japanese yen ($15.62 billion) in market value.
Coupon of Mazdathe country’s second-largest automaker, fell 7.7% in the same period and lost 80.33 billion yen, or $511.8 million, in market capitalization last week.
Wide scope Inspectorate of the Ministry of Land, Infrastructure, Ministry of Transport and Tourism also discovered irregularities in the certification applications of other automakers Honda, Suzuki and Yamaha.
Last week, Honda’s motobike’S shares fell 5.75%, Yamaha Engine lost 2.2%, while suzuki motorbike inched down 0.3%.
Shares of all those companies traded higher on Monday. Toyota increased 1.7%, Honda increased 2.13% and Mazda increased 1.7%. Suzuki and Yamaha are also slightly higher.
All five companies submitted misleading test data, or in the case of Toyota and Mazda, falsified the vehicles used in crash tests.
Toyota announced on June 3After the Ministry’s investigation report, it will temporarily stop transporting and selling three car models currently produced in Japan: Corolla Fielder, Corolla Axio and Yaris Cross.
Toyota President Akio Toyoda apologized to customers and company stakeholders, admitting that seven of its models were “tested using methods different from the standards set by national authorities.”
Individual, Mazda said it has suspended Roadster RF and Mazda 2 from May 30.
However, both companies said customers can continue to drive their vehicles.
The Department of Transportation said it will conduct on-site inspections of the five companies with reported misconduct.
Inspections of Japanese automakers followed Toyota’s Daihatsu unit said in December it would suspend deliveries of all types of vehicles both overseas and in Japan. It comes after an investigation into the safety scandal found problems in around 64 car models, including 22 sold under the Toyota brand.
Daihatsu said last April it had Side crash safety tests were performed on 88,000 small carsMost are sold under the Toyota brand.
