Oracle Stock Slides After Blue Owl Exit Report, Company Says Michigan Data Center Talks Remain on Track 
noyb Files GDPR Complaints Against TikTok, Grindr, and AppsFlyer Over Alleged Illegal Data Tracking. 
SUPERFORTUNE Launches AI-Powered Mobile App, Expanding Beyond Web3 Into $392 Billion Metaphysics Market 
Biren Technology Targets Hong Kong IPO to Raise $300 Million Amid China’s AI Chip Push 
Instacart Stock Drops After FTC Probes AI-Based Price Discrimination Claims 
FDA Says No Black Box Warning Planned for COVID-19 Vaccines Despite Safety Debate 
Sanofi’s Efdoralprin Alfa Gains EMA Orphan Status for Rare Lung Disease 
Trump Sues BBC for Defamation Over Edited Capitol Riot Speech Clip 
Citi Appoints Ryan Ellis as Head of Markets Sales for Australia and New Zealand 
MetaX IPO Soars as China’s AI Chip Stocks Ignite Investor Frenzy 
Apple Opens iPhone to Alternative App Stores in Japan Under New Competition Law 
Korea Zinc to Build $7.4 Billion Critical Minerals Refinery in Tennessee With U.S. Government Backing 
Elliott Management Takes $1 Billion Stake in Lululemon, Pushes for Leadership Change 
Shell M&A Chief Exits After BP Takeover Proposal Rejected 
Robinhood Expands Sports Event Contracts With Player Performance Wagers 
Apple Explores India for iPhone Chip Assembly as Manufacturing Push Accelerates 
Ford Takes $19.5 Billion Charge as EV Strategy Shifts Toward Hybrids 
After uncovering irregular certification tests for diesel engines developed by affiliate Toyota Industries, Toyota Motor announced that it would suspend shipments of specific models, including the Hilux truck and Land Cruiser 300 SUV. The discovery was made through the diligent work of a special investigative committee.
Reuters reported that the committee found irregularities during horsepower output testing to certify three diesel engine models.
Affected Models and Global Impact
Toyota identified ten models that use the affected engines globally. These include the Hiace van, Fortuner SUV, Innova multi-purpose vehicle, and the Lexus-branded LX500D SUV. The world's largest automaker by sales company is taking these irregularities seriously. This incident adds to Toyota's ongoing efforts to address issues of misconduct related to previous rigged collision safety tests involving small car specialist Daihatsu.
According to Channel News Asia, Toyota is committed to explaining the matter to relevant authorities and pledges to undertake necessary actions, such as conducting new engine certification tests in the presence of regulators. During a press conference, Toyota Industries President Koichi Ito acknowledged the lack of communication and coordination regarding testing processes and procedures.
Sales and Performance Standards
Toyota Industries has disclosed that approximately 84,000 diesel engines affected by this issue were sold during the financial year ending March 31, 2023. However, the number of affected vehicles sold by Toyota over the years is currently unknown. Despite the irregularities, Toyota asserts that the affected engines and vehicles still meet the required engine performance output standards.
The investigation revealed that the electronic control units used during horsepower output testing differed from those used during engine production. The special investigative committee also confirmed misconduct related to certification regulations for emissions performance of forklift and construction machinery engines.
Japan's transport ministry plans to conduct an on-site investigation at Toyota Industries' Hekinan plant in central Aichi prefecture. The inquiry will focus on the company's production of automotive and industrial engines.
Toyota Industries, a key Toyota group company, experienced a downturn in shares following the news. The company holds a nearly 25% stake in Toyota and, in return, Toyota Industries has an approximately 8% stake in Toyota.
Toyota Industries shares ended the day down by 4%, while Toyota Motor shares closed 3.1% higher.
Photo: Christina Telep/Unsplash
