Shares of Toyota, Mazda, Honda and Suzuki decline after safety scandal

Toyota Motor Corporation Chairman Akio Toyoda bows during a news conference in Tokyo on June 3, 2024. Toyota said on June 3 that it had suspended domestic shipments of three vehicle models after violating government certification rules along with Japanese rivals Honda and Mazda. Suzuki and Yamaha.

Yuichi Yamazaki | AFP | Getty Images

Shares of Japanese automakers have since fallen considerably in the country The Department of Transportation found false data Used to certify certain forms a week before Monday.

Shares of Toyota, Japan’s largest automaker, fell more than 5.4% last week, after the scandal erupted on June 3, but are recovering on Monday. The automaker lost 2.45 trillion yen ($15.62 billion) in market value last week alone.

Shares of Mazda, the country’s second-largest automaker, fell 7.7% in the same period, losing 80.33 billion yen, or $511.8 million, in market value last week.

wide range Inspection by the Ministry of Land, Infrastructure, Transport and Tourism Irregularities were also found in certification applications by other automakers Honda, Suzuki and Yamaha.

Last week, Honda stock fell 5.75%, Yamaha Motor stock lost 2.2%, while Suzuki Motor stock fell 0.3%.

Shares of all these companies were trading higher on Monday. Toyota shares rose 1.7%, Honda rose 2.13%, and Mazda rose 1.7%. Suzuki and Yamaha were also slightly higher.

All five companies provided false test data, or in the case of Toyota and Mazda, falsified the vehicles used in crash tests.

Toyota announced on June 3Following the ministry’s investigation report, it announced that it would temporarily halt shipments and sales of three models currently manufactured in Japan, namely the Corolla Fielder, Corolla Axio, and Yaris Cross.

Toyota President Akio Toyoda apologized to the company’s customers and stakeholders, admitting that seven of its models “were tested using methods that differ from the standards set by national authorities.”

separately, Mazda said it was suspended Roadster RF and Mazda 2 as of May 30.

However, both companies said customers can still continue to drive their cars.

The Ministry of Transport said it would conduct field inspections of the five companies whose misconduct was reported.

Inspection of Japanese automakers comes next Toyota’s Daihatsu unit said in December it would halt shipments For all vehicles both abroad and in Japan. This came after an investigation into a safety scandal revealed problems in about 64 models, including 22 sold under the Toyota brand.

Daihatsu said in April last year that it had done so Fraudulent side-impact safety tests were conducted on 88,000 small carsMost of them were sold under the Toyota brand.