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Toyota chairman to address misconduct, spokesperson says investigation ongoing.

Toyota chairman to address misconduct, spokesperson says investigation ongoing.

TraderKnowsTraderKnows
2024-06-03
Summary:Toyota's official announcement states that the chairman will soon address the recent legal controversies and quality issues.

Toyota Motor Corporation announced on Monday that its chairman will address the results of the investigation into the company's vehicle certification applications as requested by Japan's Ministry of Transport.

The company stated that Chairman Akio Toyoda will hold a press conference on Monday at 0800 GMT.

The Ministry of Transport announced that it would conduct an on-site inspection at Toyota's headquarters on Tuesday.

The Ministry of Transport revealed that irregularities were found in the certification applications for models from Toyota, Mazda, Yamaha, Honda, and Suzuki and has requested Toyota, Mazda, and Yamaha to suspend the shipment of certain vehicles.

Following a safety test scandal involving Daihatsu, Toyota's subcompact car subsidiary, the Ministry of Transport asked car manufacturers to investigate their vehicle certification applications.

Toyota announced on Monday that it had temporarily halted sales and shipments of three models produced in Japan. Yamaha stated that it had suspended the shipment of one sport motorcycle.

A Mazda spokesperson said the company would release a statement detailing its response measures at 0650 GMT and hold a press conference at 0700 GMT.

Honda will also hold a press conference later that day.

A Toyota spokesperson added that the company is still investigating issues related to vehicle fuel efficiency and emissions and expects to complete the investigation by the end of June.

Toyota's stock closed down 1.8%.

The company stated that, in tests involving pedestrian and passenger protection for three models in production—Corolla Fielder, Axio, and Yaris Cross—insufficient data was provided. There were also errors in crash tests and other test methods for four discontinued models, including one sold under the Lexus luxury brand.

The company also stated that there were no regulatory performance issues, and customers do not need to stop using their vehicles.

In the Daihatsu scandal, a group found that the unit had falsified side-impact safety tests for 88,000 subcompact cars, most of which were sold under the Toyota brand.

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The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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