31 Mar '16, 2am

Takata says report of estimated air bag recall costs untrue

Takata says report of estimated air bag recall costs untrue

TOKYO: Takata Corp on Thursday (Mar 31) denied that it had calculated the estimated costs of a global recall of its potentially faulty air bag parts, after a Bloomberg News report that it could face US$24 billion in costs in a worst-case scenario. "We have not announced anything to the effect of the report, and it is untrue that we have calculated the estimated costs (of the recall)," the Tokyo-based company said in a statement. It added that given that investigations into the cause of its exploding airbag inflators were still underway, it was difficult to determine the recall costs at the moment. On Wednesday, Bloomberg news reported that the embattled airbag maker could face about US$24 billion in costs to recall its airbag inflators in a worst case scenario, sending its shares tumbling by a fifth to an all-time low. More than 50 million airbags around the world have bee...

Full article: http://www.channelnewsasia.com/news/business/internationa...

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