Apr 14, 2016 06:54 AM EDT
National Highway Traffic Safety Administration (NHTSA) on Wednesday said Takata needs to recall its defective airbags, unless the company prove them to be safe. Otherwise Takata must recall all 85 millions airbags in US cars and trucks.
The economic pressure has led Takata to mishandle its airbag defect. New York Times reported to have examined hundreds of pages of internal Takata documents and emails. Based on the $100 cost of each airbag, it means a millions of dollars in expense for the auto parts supplier.
New York Times also several lawsuit against Takata over its defective airbags. One plaintiff is Patricia Mincey who was paralyzed from the neck down after, accident in June 2014 died this week from complication. Her lawyer Theodore Leopold announced the death on Wednesday, "Takata's conduct went from tragic to catastrophic by causing Ms. Mincey's untimely death."
Takata offer condolences in the company's statement to ms. Mincey death, "We are saddened by the news of Patricia Mincey's death and offer our condolences to the Mincey family."
Defective airbags manufactured by Takata have linked to at least 11 deaths around the world with more than 100 injuries, including recent case in United States. CBS News reported that a teenage driver was killed two weeks ago in Richmond, Texas. The 17-year old was killed after Takata airbag in her Honda Civic ruptured in a crash.
The source of problem is ammonium nitrate propellant which Takata uses in its airbag inflaters. Ammonium nitrate is a compound which easily destabilized, and in extreme cases can lead to explosion and sending metal fragments and shrapnel into the vehicle. Airbags division is the major part of Takata's business, generating about 40% of the company's sales.
On Wednesday, according to Reuters, NHTSA made the first public accounting by the US government of the total number of unrecalled Takata air bag inflators. NHTSA announced that there are remaining 85 million airbags which needs to be recalled, unless Takata is able to prove their safety.
So far fourteen carmakers have recalled 28.8 million of Takata airbags installed in 24 million cars. The recall of remaining airbags will bring a total recall of 113 million airbags which could cost Takata billions of dollars.
Honda is the automaker which affected the most by the defective airbags. The company has recalled the largest number of vehicles over the issue. Honda had announced to drop Takata as its airbag suppliers, followed by Toyota and Nissan last November. Three of them are the largest car manufacturers in Japan.
Takata still needs to improve safety of its product, as NHTSA warned that Takata eventually will have to recall its remaining airbags. The safety regulators said Wednesday that Takata must prove the remaining 85 million airbags in US cars are safe to prevent total recall.
BRG International Founder Matias Alem had recognized this fact for a few years. So he remodeled his real estate brokerage into something completely new to solve the problem for his jet-setting international client base.
Ryan Early, hailed as 'Farmer Ryan' among sustainable agriculture experts, is a busy man. He has a laundry list of companies to his name, including Blue-Green Ventures, the company behind the revolutionary product, Blue MagicTM, a non-toxic and eco-sustainable pest preventative product using his patented BiomeMax TM Pheromonal Replication Technology.
Investor, financier, and expert in both cryptocurrencies and blockchain technology, Joy Mbanugo is the go-to in the sector. She has vast experience and knowledge across tax services, auditing, business operations, financial analysis, capital markets, and other specializations.
When Nick Collins was just 14 years old, he started his first business, which included around-the-clock phone calls and numerous questions from his parents. In fact, he began building his stout portfolio in the seventh grade by doing web design, incorporating creative content with brand strategies and plugging in a then-fledgling tech Flash.
Barry Gabster is the founder of InitiateU and is a leading proponent of the marketing mailer revolution, having already taken his company to 10x growth in 2021, alone. In fact, the exponential growth has seen the company rise from $800K-$8.5M just on word-of-mouth referrals.
If you think that the micro accounts are useful only for beginners who may not be able to cope with the fast dynamics of changing quotes on trading platforms, then this is not so. Professionalism grows out of these cent accounts.
Journalists love their jobs because they get to interact with people from all sorts of backgrounds and expertises, then turn around and share their knowledge with the world.
As the metaverse takes over more of our digital lives, the commoditization of all aspects of our virtual beings becomes more and more of a reality.
Rustam Gilfanov is a famous IT businessman, a founder of a large IT company, and a partner of the LongeVC Fund.