Anamika Dey, editor
In brief
- Toyota shares have fallen more than 5% since May 31, the last trading day before the incident on June 3. Mazda shares have fallen 7.7% since May 31.
- Honda, Suzuki, and Yamaha Motor certification applications also included anomalies, according to the transport ministry’s meticulous evaluation.
Since the transport ministry revealed fake data used to certify certain models a week ago on Monday, Japanese automaker shares have dropped significantly.
Toyota shares crashed more than 5.4% last week after the controversy surfaced on June 3, but recovered on Monday. Last week, the automaker lost 2.45 trillion Japanese yen ($15.62 billion).
Mazda shares, the second largest manufacturer in Japan, plummeted 7.7% and lost 80.33 billion yen, or $511.8 million in market value, last week.
The Ministry of Land, Infrastructure, Transport, and Tourism’s extensive assessment unveiled inconsistencies in Honda, Suzuki, and Yamaha certification applications.
Honda stock declined 5.75%, Yamaha Motor down 2.2%, and Suzuki Motor decreased 0.3% last week.
Monday saw all those companies’ shares rise. Toyota rose 1.7%, Honda 2.13%, and Mazda 1.7%. Suzuki and Yamaha were slightly higher.
The five businesses submitted fake test data, or, in the case of Toyota and Mazda, fraudulent crash test vehicles.
After the ministry’s inquiry findings, Toyota suspended sales and shipments of the Corolla Fielder, Axio, and Yaris Cross on June 3.
Toyota Chairman Akio Toyoda apologised to customers and stakeholders for testing seven models “using methods that differ from the standards defined by the national authorities.”
Mazda halted the Roadster RF and Mazda 2 on May 30. Both firms stated customers can drive their cars.
The transport ministry will inspect the five enterprises accused of inappropriate conduct on-site.
After Toyota’s Daihatsu unit said in December that it would stop shipments of all automobiles worldwide and in Japan, the scrutiny of Japanese automakers began. It followed a safety scandal probe that discovered faults with 64 vehicles, including 22 Toyotas.
Last April, Daihatsu admitted to rigging side-collision safety tests for 88,000 small cars, mostly Toyotas.
Source : CNBC News
