Market Report – Toyota Eases
In today’s market report… shares of Toyota Motor eased despite plans to address a massive recall, while South Korean automaking rivals gained despite weaker regional markets.
The world’s No.1 automaker says it will announce details of a plan to fix accelerator pedals that have led to a massive U.S. recall.
Toyota is suspending production of eight models in the U.S. from this week, while it is unclear when output is set to resume.
Since its latest recall, Toyota has lost $22 billion in market value as investors worried about the impact of protracted shutdowns on sales.
Meanwhile, South Korean rivals Hyundai and Kia rallied, after the world No.4 reported a record operating profit last week
Overall, though, Asian share markets eased after suffering their worst monthly decline in a year in January, as global economic worries weighed over buying sentiment.