Toyota lost over $15 billion in market value last week after being caught falsifying tests
What measures has Toyota taken in response to the findings of the transport ministry's investigation?
In response to the findings of the transport ministry's investigation, Toyota has taken several measures to address the issues. On June 3, following the ministry's investigation report, Toyota announced that it would temporarily halt shipments and sales of three models currently manufactured in Japan: the Corolla Fielder, Corolla Axio, and Yaris Cross. Toyota's Chairman Akio Toyoda apologized to the company's customers and stakeholders and acknowledged that seven of its models were "tested using methods that differ from the standards defined by the national authorities."
Furthermore, Toyota has suspended the production of the affected models and has been working on devising an interim remedy to eliminate the safety risk while new parts are being manufactured. The company has also initiated a recall to address the issues related to the accelerator pedal entrapment and sticky accelerators. Toyota has been working closely with the National Highway Traffic Safety Administration (NHTSA) to ensure that the necessary recalls and investigations are conducted to resolve the safety issues.
In addition to these measures, Toyota has also taken steps to improve its internal processes and ensure that similar issues do not occur in the future. The company has pledged to enhance its safety and quality controls and has been conducting internal reviews and investigations to identify and address any potential defects in its vehicles.
What specific irregularities were found in the certification applications by Honda, Suzuki, and Yamaha Motor according to the transport ministry's inspection?
According to the transport ministry's inspection, irregularities were found in the certification applications of Honda, Suzuki, and Yamaha Motor. While the specific details of these irregularities are not explicitly mentioned in the provided context, it is noted that all five companies, including Toyota and Mazda, had submitted false test data or, in the case of Toyota and Mazda, falsified the vehicles used in crash tests. The ministry also mentioned that it would conduct on-site inspections of the five companies where misconduct was reported2.
How much market value did Toyota lose following the scandal that broke on June 3?
Toyota lost 2.45 trillion Japanese yen ($15.62 billion) in market value following the scandal that broke on June 3.