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Jun 09, 2024 - 01:49
By asia.nikkei.com

Toyota testing scandal wipes $18bn from market cap

NAGOYA, Japan -- Toyota Motor's market capitalization has dropped roughly 2.9 trillion yen ($18.5 billion) after a safety scandal became public this week, as investors call into question group governance.

Toyota on Monday acknowledged irregularities in safety tests for model certification following an internal investigation ordered by Japan's transport ministry. The automaker's share price fell for three straight days through Wednesday, losing 5% of its value. The stock recovered slightly Thursday, only to fall again Friday.