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...Widescale, expensive recalls resulted in the bankruptcy of manufacturer Takata in 2017. That would hardly happen to Toyota....
...Toyota, Nissan, Hitachi and Takata have also incubated them. Jaded investors are inured to cover-ups that go wrong....
...The Takata recalls are “the largest and most complex in US history”, the NHTSA said, affecting 19 carmakers, more than 60m Takata airbags and tens of millions of US vehicles....
...KSS was advised by Jefferies while Takata was advised by Lazard....
...The recall is the biggest for Toyota since the group issued a recall of 2.9m vehicles related to faulty Takata airbags in March last year....
...There have also been several high-profile scandals involving Japanese businesses, including at Toshiba, the technology conglomerate, Olympus, the optical equipment maker, and Takata, the car-component manufacturer...
...equipped with Takata’s airbag inflators....
...“All defective Takata airbags will have to be replaced by December 31 2020,” said the government notice....
...Takata, the now-bankrupt automotive parts supplier, was acquired by a Chinese-owned group following a safety crisis involving exploding airbags....
...Honda, which was Takata’s largest customer, is the sixth car maker to settle US litigation over the recall....
...Recalls linked to the Takata-made airbags in the US alone total at least 28m. The company’s airbag inflators can explode when deploying, scattering shrapnel into the face of a driver or passenger....
...Takata put an end to months of speculation and filed for bankruptcy protection in the US late on Sunday. More to follow....
...Takata shares fell by double-digit amounts after hours from Monday to Wednesday, leaving declines for the week at almost 70 per cent....
...Japan has had a string of disasters, from Kobe Steel (faked quality certification) to Nissan (unqualified vehicle testers), Takata (exploding airbags) and Toshiba (accounting scandal)....
...Takata shares have fallen 95.8 per cent this year....
...“In some cases, defective Takata airbags are being replaced with the same defective Takata airbags,” said Choice....
...For these orders, Takata would buy inflators from third parties. But big car brands still need Takata components to replace 100m faulty kits....
...The recall-related liabilities will be placed under a separate entity so that Takata can continue supplying airbags, seat belts and other car components....
...Earlier this year Takata reached a $1bn criminal settlement with the US government....
...Honda suffered in particular from the scandal as it was Takata’s first and biggest airbag customer. Tokyo-based Takata started out in 1933 as a textile manufacturer....
...In January Takata agreed to $1bn in criminal penalties, including $975m in restitution paid to carmakers who bought the airbags and consumers who were injured by them....
...Takata has previously said a court-led bankruptcy would disrupt the supply of its parts to customers....
...Takata has argued for an out-of-court restructuring agreement with carmakers to avert bankruptcy and supply disruption....
...US regulators are set to announce as soon as Friday another criminal settlement involving the auto industry, with Japanese automotive supplier Takata expected to plead guilty to criminal wrongdoing to resolve...
...Shares in Japanese airbag maker Takata rose 16.5 per cent on reports the company was expected to settle a lawsuit with regulators in the US....
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