- Toyota shares dropped over 5% last week, losing 2.45 trillion yen ($15.62 billion) in market value, but are up 1.7% on Monday.
- Mazda shares fell 7.7%, losing 80.33 billion yen ($511.8 million) in market cap, but also recovered 1.7% on Monday.
- Honda, Suzuki, and Yamaha also faced share price declines last week, with Honda down 5.75%, Yamaha 2.2%, and Suzuki 0.3%. All saw slight increases on Monday.
The Ministry of Land, Infrastructure, Transport, and Tourism found irregularities in certification applications by Toyota, Mazda, Honda, Suzuki, and Yamaha. Toyota and Mazda admitted to falsifying vehicle data used in crash tests.
Following the scandal, Toyota halted shipments and sales of three models: Corolla Fielder, Corolla Axio, and Yaris Cross. Mazda suspended sales of the Roadster RF and Mazda 2 from May 30.
The ministry will conduct on-site inspections of the implicated companies. This follows an earlier scandal involving Toyota’s Daihatsu unit, which halted shipments after rigging safety tests for 88,000 cars.
Toyota’s Chairman Akio Toyoda apologized for the misconduct, assuring customers they could still drive their cars. The investigation highlights ongoing issues in safety compliance within the Japanese automotive industry.
