Major Japanese truck and bus maker Hino Motors has posted a record net loss for the April-to-September period. That's due to costs incurred abroad related to a test data falsification scandal.
Hino is a subsidiary of Toyota Motor. It logged a net loss of 219.5 billion yen, or 1.4 billion dollars, citing settlement fees to US authorities and plaintiffs in lawsuits in Canada. The company booked it as an extraordinary loss.
Hino revealed in 2022 it had submitted fabricated data to the Japanese government. The firm had been falsifying emission and fuel economy figures on certain types of engines for about 20 years.
Hino says additional costs may arise depending on the outcomes of other lawsuits.
Chief Financial Officer Nakano Yasushi said the scandal has had a major impact on the company, but that it has weathered the crisis. He said Hino is now considering ways to raise funds, and that it will announce a plan in due course.
Hino is a subsidiary of Toyota Motor. It logged a net loss of 219.5 billion yen, or 1.4 billion dollars, citing settlement fees to US authorities and plaintiffs in lawsuits in Canada. The company booked it as an extraordinary loss.
Hino revealed in 2022 it had submitted fabricated data to the Japanese government. The firm had been falsifying emission and fuel economy figures on certain types of engines for about 20 years.
Hino says additional costs may arise depending on the outcomes of other lawsuits.
Chief Financial Officer Nakano Yasushi said the scandal has had a major impact on the company, but that it has weathered the crisis. He said Hino is now considering ways to raise funds, and that it will announce a plan in due course.
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Summary
Japanese truck and bus manufacturer Hino Motors, a subsidiary of Toyota Motor, reported a record net loss of 219.5 billion yen for the April-September period due to costs associated with a test data falsification scandal. This includes settlement fees to US authorities and plaintiffs in Canadian
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ID: 3baeb586-4693-4795-973a-b4de45989849
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20241029_B05/
Created: 2024/10/30 07:00
Updated: 2025/12/08 09:24
Last Read: 2024/10/30 08:32