Toyota Motor Completes Investigation into Certification Process
Toyota Motor, the world’s top-selling automaker, announced that it has completed its investigation into the certification process for its car models and did not find any new cases of wrongdoing beyond the ones previously reported. The company has now shared its findings with Japan’s transport ministry.
Earlier in June, Toyota, along with four other vehicle makers, admitted to submitting flawed or manipulated data during the certification process. This admission led to an industry-wide investigation ordered by the transport ministry. The probe was triggered by a safety test scandal at Toyota’s Daihatsu compact car unit.
In a statement, Toyota expressed its commitment to implementing measures in accordance with the guidance provided by the transport ministry. The investigation took longer than expected due to the need to thoroughly examine issues related to vehicle emissions and fuel efficiency during the certification applications.
The Daihatsu scandal had a significant impact on Toyota’s corporate governance. At the company’s annual general meeting, shareholder support for Chairman Akio Toyoda slipped to a record low of 72%. This decline was influenced by the recommendations of two proxy advisers who advised against Toyoda’s re-election due to concerns regarding governance.
Toyota’s completion of the investigation marks a significant milestone in addressing the certification scandal. By conducting a thorough examination and reporting their findings, Toyota is demonstrating transparency and a commitment to rectifying any issues identified. This step will help rebuild trust with regulators, shareholders, and consumers.
Moving forward, it will be crucial for Toyota and other automakers to implement robust processes and internal controls to ensure the integrity of their certification applications. This includes ongoing monitoring and compliance measures to prevent any future instances of flawed or manipulated data.
The certification scandal serves as a reminder of the importance of regulatory oversight in the automotive industry. Authorities must continue to enforce strict standards and conduct regular audits to maintain consumer confidence in the safety and reliability of vehicles.
Ultimately, Toyota’s response to the certification scandal will have a long-term impact on its reputation and market position. By conducting a thorough investigation, taking corrective actions, and demonstrating a commitment to transparency, Toyota has an opportunity to restore trust and emerge stronger from this challenging situation.