Akio Toyoda, Chairman of the Board of Directors of Toyota Motor Corporation, bows during a press conference in Tokyo on June 3, 2024.
Yuichi Yamazaki | AFP | Getty Images
Shares of Japanese automakers have fallen sharply since Japan’s Transport Ministry discovered false data used to certify some models a week ago.
Shares of Toyota Motor, Japan’s largest automaker, fell more than 5.4% last week after the scandal broke out on June 3, but began to recover on Monday. Last week alone, the automaker lost 2.45 trillion yen ($15.62 billion) in market value.
shares MazdaThe country’s second-largest automaker fell 7.7% over the same period, losing 80.33 billion yen, or $511.8 million, in market value last week.
Extensive inspections by the Ministry of Land, Infrastructure, Transport and Tourism also found irregularities in certification applications by other automakers Honda, Suzuki and Yamaha.
last week, Honda’S shares fell 5.75%, Yamaha engine fell 2.2%, while Suzuki Motors It fell slightly by 0.3%.
Shares of all these companies were higher on Monday. Toyota rose 1.7%, Honda rose 2.13%, and Mazda rose 1.7%. Shares of Suzuki and Yamaha also rose slightly.
All five companies submitted false test data or, in the case of Toyota and Mazda, falsified the vehicles used in crash tests.
Toyota Motor announced on June 3 that based on the department’s investigation report, it will temporarily suspend shipments and sales of three models currently produced in Japan, namely the Corolla Fielder, Corolla Axio and Yaris Cross.
Toyota Chairman Akio Toyoda apologized to the company’s customers and stakeholders, admitting that seven of its models “were tested using methods that differed from standards defined by national authorities.”
Separately, Mazda said it will suspend sales of the Roadster RF and Mazda 2 starting from May 30.
However, both companies said customers can still continue to drive their cars.
The Ministry of Transportation said it would conduct on-site inspections at five companies that were reported to have engaged in inappropriate behavior.
The inspection of the Japanese automaker comes after Toyota’s Daihatsu unit said in December it would stop selling all cars overseas and in Japan. Previous investigations into the safety scandal found problems with about 64 models, 22 of which were sold under the Toyota brand.
Daihatsu said in April last year that it had conducted side-impact safety tests on 88,000 small cars, most of which were sold under the Toyota brand.
