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Posts Tagged ‘Takata problems’

Troubled Airbag Supplier May Soon File for Bankruptcy

More than 15 dead, as many as 100 million vehicles recalled due to faulty airbags.

by on Nov.03, 2016

With skyrocketing costs and declining revenues, Takata appears to be headed for a bankruptcy filing.

Facing major costs and declining revenues as a result of its ongoing airbag problems, Japanese auto supplier Takata is reportedly getting ready to file for bankruptcy.

The parts maker is still looking for alternatives, but has been stymied, so far, in efforts to find a white knight buyer and may have no alternatives, especially as major customers press Takata to take the bankruptcy route, according to a report by the Japanese business newspaper Nikkei.

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“The primary collective goal is assessing all bids and reaching a resolution that is in the best interests of all our stakeholders while promoting public safety and enabling Takata to remain a viable and valued global supplier to the automotive industry,” the supplier said in a statement Thursday. (more…)

Former Takata Exec Indicted in Seatbelt Price-Fixing Scam

Honda using new airbag supplier for next-gen Accord in the US

by on Jan.26, 2015

More turmoil at Takata.

Takata Corp. just received two belts of bad news: one of its former executives will face criminal charges in the U.S. and its biggest customer is cutting back on its business with the supplier.

Federal prosecutors obtained one-count indictment against Hiromu Usuda, charging him with conspiring to rig bids and fix the prices of seatbelts that Takata sold to Honda Motor Co. Ltd., Toyota Motor Corp., Nissan Motor Co. Ltd. and Mazda Motor Corp., the U.S. Department of Justice said Thursday.

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The indictment is a result of a four-year probe conducted by the U.S. and Japanese governments as well as the European Union. Takata executives have also pled guilty to other charges and paid hefty fines in connection with the price fixing investigation, which has also involved several other suppler companies that feed part to American and Japanese auto parts manufacturers operating in the U.S. (more…)

Takata Tells Lawmakers It Won’t Expand Airbag Recall

Supplier's biggest customer Honda expands recall nationwide.

by on Dec.03, 2014

Takata's Hiroshi Shimizu told the House Energy and Commerce subcommittee today the supplier would not expand the recall of its airbags nationwide.

During a Congressional hearing today, Takata Corp. clung to its assertion that there is no need for a national recall of its faulty airbags and said it would not accede to the wishes of federal safety regulators demanding the action. Moments later, a Honda executive told lawmakers the automaker would expand its regional action to a national recall despite Takata’s refusal.

The Japanese supplier also stated that the National Highway Traffic Safety Administration lacked the authority to compel the supplier to institute any sort of recall. NHTSA disagreed with the claim.

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At issue is are airbag’s inflators that may explode with too much force, spewing plastic and metal shrapnel into the vehicle cabin. At least five deaths and dozens of injuries have been linked to the problem worldwide. The current regional recall affects 7.8 million vehicles. (more…)