Toyota shares slump on safety woes, recall

Tokyo, December 21

Toyota Motor shares slumped on Thursday as Japan’s transport ministry inspected a subsidiary over safety concerns dating back decades and as the world’s top-selling automaker separately announced a recall of 1.1 million vehicles.

Shares in Japan’s biggest automaker closed down 4.0%, under-performing the benchmark Nikkei average, which fell 1.6%.

Daihatsu Motor halts shipments

• The auto major’s small-car unit, Daihatsu Motor, said it would halt shipments of all of its vehicles indefinitely after discovering more safety-inspection irregularities

A day earlier, Toyota’s small-car unit, Daihatsu Motor, said it would halt shipments of all of its vehicles indefinitely after discovering more safety-inspection irregularities.

An independent committee said it had found issues involving 64 models, including almost two dozen sold under Toyota’s brand. The panel had been investigating the unlisted automaker after it said in April that it had rigged side-collision safety tests carried out for 88,000 small cars. — Reuters