Just last week, Toyota's market value was wiped out by $15 billion after a scandal over vehicle quality inspections.
Shares of Japan's largest automaker Toyota have fallen more than 5.4 percent since May 31, the last trading day before the vehicle quality inspection scandal broke on June 3.
Last week alone, Toyota lost 2.45 trillion yen ($15.62 billion) in market value.
Shares of Mazda - the second largest automaker in the land of the rising sun - have also fallen 7.7% since May 31. According to statistics, Mazda lost 80.33 billion Yen, equivalent to 511.8 million USD in market capitalization within 1 week.
Earlier this week, Toyota, Mazda, Honda Motor, Suzuki Motor and motorcycle maker Yamaha Motor admitted to cheating on vehicle tests to gain mass production certification, raising doubts about the reliability of their products.
The scandal sent Honda shares down 5.75%, Suzuki Motor down 0.3% while Yamaha Motor fell 2.2%.
Toyota and Mazda announced on June 6 that they had temporarily suspended production of a total of five vehicle models after being found to have cheated on vehicle quality inspections and conducted tests that did not comply with government specifications.
The move comes after Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) ordered a temporary halt to production of Toyota's Corolla Fielder, Corolla Axio and Yaris Cross models, along with Mazda's Mazda Roadster RF and Mazda2.
Toyota said the production halt will last at least until the end of this month, while Mazda remains uncertain about when its factories will resume operations.
The total annual output of the three affected Toyota models is about 130,000 units, while the two suspended Mazda models have a total output of about 15,000 units.
Toyota President Akio Toyoda has apologized to customers and company stakeholders, admitting that seven of its models were "tested using methods other than those set by the government."
“I don’t think it’s possible to completely eliminate irregularities. But when these mistakes happen, what we need to do is stop what we’re doing and fix it,” said Mr. Akio.
Japan's Ministry of Land, Infrastructure, Transport and Tourism (MLIT) said it will conduct on-site inspections of five companies reported to have engaged in wrongdoing.
Toyota Group companies Hino Motors, Daihatsu Motor and forklift maker Toyota Industries have all been the subject of fraud scandals in the past. Now, similar irregularities have emerged at the parent company, which has pledged to lead reforms in corporate governance.
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