Tokai Rika shares have fallen by almost 10% after Toyota recall

Article by Christian A., on October 15, 2012

Amid reports that Tokai Rika Co. built the parts cited in Toyota’s global recall this week of 7.43 million vehicles for defective power-window switches, its shares have fallen by almost 10% in Japan. Last Wednesday, Toyota said that the recall covers 2.47 million vehicles in the U.S. According to documents filed with U.S. safety regulators, nine injuries and 161 fires were reported due to the faulty parts but there had been no accidents or deaths.

Toyota said in the U.S. filing that its problem stemmed from sticky driver's-side window switches manufactured by Tokai Rika and its U.S. subsidiary, Tram Inc. of Plymouth, Michigan.

Bloomberg said that Toyota is the largest customer of Tokai Rika. Bloomberg said that its shares in Tokai Rika dropped 9.6% to 905 yen, which makes it the company on the Topix index with the third steepest drop.

No official comment has been given by Tokai Rika, a maker of power-window switches, parking brake switches and door mirrors. Spokesman Hitoshi Asano told Automotive News that it is just a parts supplier so it can’t comment. Toyota has said that it won’t talk about supplier matters related to the recall.

Topics: toyota, recall

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