Investing
Toyota shares slide as unit Daihatsu’s safety scandal widens
© Reuters. FILE PHOTO: The Toyota logo is seen at its booth during a media day for the Auto Shanghai show in Shanghai, China April 19, 2021. REUTERS/Aly Song/File Photo
TOKYO (Reuters) – Toyota Motor (NYSE:)’s shares fell more than 4% on Thursday after its small-car unit Daihatsu Motor said a day earlier it would halt shipments of all of its vehicles for an indefinite period due to the revelation of more safety-inspection irregularities.
Daihatsu said that an independent committee had found issues involving 64 models, including almost two dozen sold under Toyota’s brand. The panel had been investigating the unlisted carmaker after it said in April that it had rigged side-collision safety tests carried out for 88,000 small cars.
Japan’s transport ministry is considering administrative penalties against Daihatsu including revoking its production certification depending on its own investigation, the business daily reported.
Daihatsu said on Wednesday it did not know when it would resume shipments, but that the impact on its earnings would be substantial.
Shares of Suzuki Motor, Daihatsu’s main rival in Japan’s minivehicle market, rose more than 2%, while Tokyo’s benchmark Nikkei average was down 1.3% as of 0040 GMT.
Read the full article here
-
Side Hustles6 days ago
How to Develop Empowered Leaders Within Your Own Team
-
Passive Income5 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles4 days ago
How to Be Unapologetically You and Why It Matters
-
Investing5 days ago
7 Marketing Strategies to Help Your Startup Grow and Scale
-
Side Hustles5 days ago
How Your Body Language Can Help Win a Disagreement
-
Side Hustles5 days ago
OpenAI Raises Record $6.6 Billion, Adds 50 Million New Users
-
Side Hustles6 days ago
Why the Best Time to Sell Your Business Is When You Least Expect It
-
Passive Income4 days ago
How AI-Driven Personalization Is Transforming the Retail Industry