The settlement covers several forms of economic damages linked to the inflators, including claims that vehicles were inaccurately represented to be safe, buyers had overpaid for cars with defective or substandard air bags and faced out of pocket costs to deal with recalls.
injuries worldwide.In China, the defect involves more than 20.
The company is embroiled in one of the biggest recalls of automotive history involving defective air-bags used by 19 car and truck makers around the world.
While the campaign for CR-V and Civic will begin immediately, the replacement of inflators for other affected models would begin from September 2016
Compensation for executive officers has been reduced by 10 percent since December 2015, and a summer bonus will not be paid this year.
The company has decided to initiate a voluntary recall campaign in India starting June 29, 2016, for the inspection and installation of retention brackets on the curtain shield airbag inflators of certain numbers of Toyota Prius models sold in India, it said in a statement.
Japan's Takata this month agreed to declare as many as 40 million additional air bag inflators defective by 2019 in a move that will involve recalls by 17 automakers.
The ministry said Takata and automakers had found the absence of desiccants could make ammonium nitrate used in the air bag inflators deteriorate when exposed to temperature changes over a long period of time.
The Virgin Islands suit claims the companies committed fraud, used unfair trade practices and were negligent in allowing the use of the unsafe airbags.
Takata's shares plunged 20 per cent in Tokyo today after a report that the recall-related costs facing the Japanese airbag supplier could be as high as USD 24 billion
Recalls related to Japanese airbag maker Takata, which have been staggered out over the past three years, may continue for the next 12 to 18 months as global disclosures dictate local recall policies, say top auto industry sources.
Japanese co is recalling more than 7,100 units of its executive sedan Corolla manufactured between April 2007 and July 2008
Authorised Nissan retailers will rework the engine switch at no cost to the customer to avoid excessive interference, Nissan spokesperson said.
Takata has acknowledged that high humidity can affect the chemical agent "in certain circumstances", which can result in airbags deploying with excessive explosive force
Three auto majors, Toyota, BMW and Mercedes Benz ranked at 30, 34 and 43rd spots made to the elite club of top 50 valuable brands worldwide.
It's the largest automotive recall in American history and understandably it will create ripple effects in markets across the world, including India.
About 20 million vehicles produced by some of the world's biggest automakers are being recalled due to the risk their Takata-made airbags could deploy with excessive explosive power, spraying potentially fatal shrapnel into the vehicle.
Takata Corp, under pressure from a $14,000 daily fine from US regulators, has started to become more cooperative about documents involving a deadly default in its air bag inflators, the top US auto safety regulator said on Friday.
The year 2014 started with a positive note for the automotive industry with the UPA government announcing excise cut on the automobiles in the interim budget to help increase sales. In the middle of the year, the sweeping win for Narendra Modi-led NDA in the elections created a major euphoria and positivity among the industry leaders.
The death of a pregnant Malaysian woman in a car crash involving a faulty air bag has led to another US recall, as the auto industry struggles with a widening problem across the globe.
| Name | DIN | Designation | Date of joining | |
|---|---|---|---|---|
| Deepak Chopra | 00028770 | deepak.chopra@anandgroupindia.com | Director | 29 May,2014 |
| Jagdish Kumar | 00318558 | Director | 25 Sep,2015 | |
| Seshadri Sarathi | 01639258 | s.sarathi@halla.com | Director | 26 Mar,2013 |
| Hikoto Watanabe | 07046930 | hikoto.watanabe@takata.co.jp | Director | 19 Dec,2014 |
| Mizobuchi Kenji | 07261180 | Director | 25 Mar,2016 | |
| Mitsuhiko Oyama Ohyama | 07373080 | mic.oyama@icloud.com | Director | 01 Jan,2016 |
| Wataru Yomamoto | 07649377 | Wataru.Yamamoto@takata.co.jp | Director | 08 Nov,2016 |
A component is a part or element that make up a whole machine. In the automotive industry, a vehicle comprises of a number of different components, which when put together, makes up a whole vehicle. Following is the list of the important automotive components:-
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