Toyota shares have plunged more than 5% since May 31, the last trading day before the scandal broke on June 3. Shares of Mazda saw a larger loss, falling 7.7% since May 31.
The wide ranging inspection by the transport ministry also found that irregularities were also found in certification applications from automakers Honda, Suzuki and Yamaha Motor. Toyota Motor Corporation Board Chairman Akio Toyoda bows during a press conference in Tokyo on June 3, 2024. Toyota said on June 3 it had suspended domestic shipments of three car models after falling foul of government certification rules along with its Japanese rivals Honda, Mazda, Suzuki and Yamaha.have fallen more than 5.4% since May 31, the last trading day before the scandal broke on June 3. The automaker has lost 2.45 trillion Japanese yen in market value last week alone.
All five companies had submitted false test data, or in the case of Toyota and Mazda, falsified the vehicles used in crash tests., following the ministry's investigation report, that it will temporarily halt shipments and sales of three models currently manufactured in Japan, namely the Corolla Fielder, Corolla Axio, and Yaris Cross.
Toyota's Chairman Akio Toyoda apologized to the company's customers and stakeholders, acknowledging that seven of its models were "tested using methods that differ from the standards defined by the national authorities."The Ministry of Land, Infrastructure, Transport and Tourism in Japan said it will conduct on-site inspections of the five companies where misconduct was reported.of all vehicles both overseas and in Japan.