news

Takata Files For Bankruptcy – Chinese And US Buyers At The Door

The company at the centre of the world’s biggest-ever safety recall has finally succumbed to the associated financial pressures. Takata’s airbag disaster has seen millions of cars recalled in numerous countries due to the possibility that f


The company at the centre of the world’s biggest-ever safety recall has finally succumbed to the associated financial pressures.

Takata’s airbag disaster has seen millions of cars recalled in numerous countries due to the possibility that flying metal debris from deployed airbags could cause injury or even death to vehicle occupants.

The Japanese carmakers, including Nissan, Honda, Subaru and Toyota have been hardest hit by the crisis, but it previously seemed Takata might (just) be able to ride out the financial storm.

However, the Japanese parts giant has finally cried 'enough' and filed for bankruptcy, and CNN reports the remains will likely switch to Chinese ownership.

Takata is now US$9 billion in the red. The company’s books took a further hit when Takata agreed to a US$1 billion fine (including a US$125 million fund for victims) by US authorities for allegedly ignoring earlier warnings that its airbags might be unsafe, and a surprising amount of vehicles have now been recalled for a second time when initial repairs were deemed insufficient.

Recalls

Chat with us!







Chat with Agent