Jump to content
News
Reviews
Discussons
Activity
Create New...
Close

  • 🚗 Your People Are Here. Get In.

    The internet is full of car content. This is the community.

    Cheers & Gears has been bringing enthusiasts together since 2001. Join the conversation, show off your garage, and find your people.

  • William Maley
    William Maley

    By William Maley •

    Takata Files For Bankruptcy, Sells Off Assets To Another Supplier

      We knew this was going to happen

    Airbag manufacturer Takata is at the center of one the largest automotive recalls which affect an estimated 100 million vehicles from two dozen automakers around the world. The airbags in question have inflators that can rupture and send shrapnel flying in the event of a crash. They have been linked to at least 16 deaths and 180 injuries. Now, the next chapter begins as Takata filed for bankruptcy.

    Yesterday, TK Holdings (Takata's U.S. operations) filed for Chapter 11 bankruptcy in Delaware on Sunday with liabilities totaling between $10 billion to $50 billion. The company would file for bankruptcy in Japan today.

    Takata also announced that it would be selling its key assets to Key Safety Systems, a Michigan-based supplier owned by China's Ningbo Joyson Electronic Corp. The purchase will cost Key $1.6 billion.

    At a press conference today in Tokyo, CEO Shigehisa Takada said the company had no choice to sell their assets due to liabilities increasing and finances collapsing.

    "We spent much time on negotiations, it was extremely difficult to reach an agreement with more than 10 carmakers worldwide and a sponsor candidate company," said Takada.

    "If things are left as is, we are aware of risks that we may not able to raise fund and to continue stable supply of products. In light of the management environment we face, the state of negotiations with the sponsor candidate and carmakers, and the external expert committee's opinion, we have decided today to file for bankruptcy protection."

    Takata attorney Nobuaki Kobayashi said the total amount of liabilities was still unknown and the company is in talks with automakers to figure out the worldwide cost. According to Automotive News, analysts put potential liabilities as high as $10 billion for ongoing recalls, penalties and settlements. A report from Tokyo Shoko Research Ltd., puts Takata total liabilities at 1.7 trillion yen (about $15 billion).

    Back in February, Takata pleaded guilty to wire fraud charges in the U.S. for withholding key information about the defects and manipulating test data. 

    Source: Automotive News (Subscription Required), Reuters

    Go to articles

    User Feedback

    Recommended Comments

    daves87rs
    2 hours ago, A Horse With No Name said:

    China will own everything, one reason Ford is beneath my lowest level of concieveable contempt right now for outsourcing the Focus to China.

    This will not end well for a number of reasons.

    I was mad, but also realized how bad the small car market is going to take in the next year or so. GM is going to wish they could build the Cruze in mexico! I was hateful at first too-but the auto market is about to take a sharp hit soon. They will have to save money any way they can.

    As much as I hate the idea of chinese focuses, it is a way to save....

     

    And as far as the above company-just goes to sound many, many OEM parts will be made in China soon....

    Link to comment
    Share on other sites
    oldshurst442
    5 hours ago, William Maley said:

    Takata attorney Nobuaki Kobayashi

    And with this bankruptcy my guess is you will never hear this mess again...

    What a second....Ive heard this before...

    Oh yeah!

     

    Edited by oldshurst442
    Link to comment
    Share on other sites
    riviera74
    6 hours ago, A Horse With No Name said:

    They are made in China which is quite frankly disgusting...

    So how do we solve that issue without starting a nasty and counterproductive trade war?

    Link to comment
    Share on other sites
    Robert Hall

    Not sure if you can undo the trade imbalance and globalization...companies are too entrenched...most all consumer electronics are assembled in China or elsewhere in Asia, some using chips manufactured in the US.  Parts are sourced from all over.   I do wonder if we have gone so far as a country in outsourcing various parts of the supply chain that we can't go back to building a lot of things here, at least not easily..

    Link to comment
    Share on other sites
    A Horse With No Name
    37 minutes ago, riviera74 said:

    So how do we solve that issue without starting a nasty and counterproductive trade war?

    That is the sixty four million dollar question. 

    32 minutes ago, Cubical-aka-Moltar said:

    Not sure if you can undo the trade imbalance and globalization...companies are too entrenched...most all consumer electronics are assembled in China or elsewhere in Asia, some using chips manufactured in the US.  Parts are sourced from all over.   I do wonder if we have gone so far as a country in outsourcing various parts of the supply chain that we can't go back to building a lot of things here, at least not easily..

    I think more things need to be made here but I am more concerned about Chinese human rights violations than about trade. Maybe we could get some sort of enforceable human rights agreements to go with the trade agreements our leaders seem so eager to sign.

    Link to comment
    Share on other sites
    Robert Hall
    14 minutes ago, A Horse With No Name said:

    That is the sixty four million dollar question. 

    I think more things need to be made here but I am more concerned about Chinese human rights violations than about trade. Maybe we could get some sort of enforceable human rights agreements to go with the trade agreements our leaders seem so eager to sign.

    Unfortunately, human rights are at the bottom of the priority list for global corporations, the current administration and Congress... (my cynical opinion...some say I'm a pessimist, I prefer 'realist').

    Edited by Cubical-aka-Moltar
    • Like 1
    Link to comment
    Share on other sites
    A Horse With No Name
    Just now, Cubical-aka-Moltar said:

    Unfortunately, human rights are at the bottom of the priority list for global corporations, the current administration and Congress...

    Which leads me into an ugly double bind....I feel better about buying Chinese than buying American made products given what you just wrote.

    My Dryer broke and parts to fix it are more than it is worth...thinking of buying Samsung or something for that very reason.

    Link to comment
    Share on other sites
    G. David Felt
    16 hours ago, A Horse With No Name said:

    Which leads me into an ugly double bind....I feel better about buying Chinese than buying American made products given what you just wrote.

    My Dryer broke and parts to fix it are more than it is worth...thinking of buying Samsung or something for that very reason.

    Hold off on buying Samsung appliances. My sister and Brother in law have their own appliance repair business and Samsung appliances are notorious for breaking down and not being able to get repair parts.

    They say the most reliable long life for Washer / Dryer or dishwasher but also other appliances would be Bosche. If you want more than a 1yr warranty 90 days labor which is what comes pretty much on all appliances, then look at Speed Queen. 3yr parts n labor warranty. Commercial grade built for residential and they just work.

    Good Luck,

    • Thanks 1
    Link to comment
    Share on other sites
    G. David Felt
    1 hour ago, A Horse With No Name said:

    Thanks for your advice...have not had the best of luck with Bosch dishwashers...speed queen it might be...!

    Sorry to hear about the Bosch as both my sisters, my parents and me have them and have had no problem with them. What is the current problem and I can talk to my brother in law and see what he says?

    Link to comment
    Share on other sites
    A Horse With No Name
    20 minutes ago, dfelt said:

    Sorry to hear about the Bosch as both my sisters, my parents and me have them and have had no problem with them. What is the current problem and I can talk to my brother in law and see what he says?

    Control board is out of my dishwasher and it is an older dish washer. I think the GE dishwasher that matches our fridge and stove is American made....only issue with the Bosch is that it will not latch and is stuck in regular wash cycle.  using woodworking clamps to keep it shut is a red-green-ish hill billy hack but it cleans dishes flawlessly...

    Checking into Speed Queen...as mad as i get politically at both parties...and at the country...I will buy American when they build an excellent product. I love Sierra Nevada Beer and several other American manufacturers.

    Speed queen...asked around a bit...checked a few things out...they seem like well made appliances. Will have to seriously consider them, as everything else on the market seems like expensive junk.

    Thanks for your help!

    Edited by A Horse With No Name
    Link to comment
    Share on other sites


    Join the conversation

    You can post now and register later. If you have an account, sign in now to post with your account.
    Note: Your post will require moderator approval before it will be visible.

    Guest
    Add a comment...

    ×   Pasted as rich text.   Paste as plain text instead

      Only 75 emoji are allowed.

    ×   Your link has been automatically embedded.   Display as a link instead

    ×   Your previous content has been restored.   Clear editor

    ×   You cannot paste images directly. Upload or insert images from URL.

    ×



  • Support Independent Automotive Journalism

    25 years of honest automotive coverage — because someone has to do it.

    Cheers & Gears has never been filtered by manufacturer relationships or driven by algorithm. Just real people, real opinions, and a genuine love of cars. Subscribers keep the lights on and get an ad-light experience starting at $2.25/month.*

    View subscription options

    *A small number of ads feature member-exclusive coupon deals and will still appear.

  • Similar Content

  • Posts

    • ccap41
      Lexus News: 2026 Lexus ES Launches with EV First, Hybrid to Follow

      By ccap41 · Posted

      I can't tell if I like how this looks or not. Part of me likes the exterior quite a bit but something stands out to me that I just don't love. I think maybe it's the greenhouse's height. It almost just looks too tall. Is this based off the Crown? 
    • G. David Felt
      Lexus News: 2026 Lexus ES Launches with EV First, Hybrid to Follow

      By G. David Felt · Posted

      2026 Lexus launches their first ever ES four-door sedan as a BEV, to be joined later in the year by a hybrid. The Lexus ES will come in two models, the 350e Front-Wheel-Drive and the 500e All-Wheel-Drive. Both models will be available in two trims, Premium and Luxury. The Lexus ES 350e FWD will start with a base MSRP of $47,500 and an EPA-estimated range of 307 miles. Let's dig into what the eighth-generation Lexus ES will offer by model and trim: Standard Equipment: All Models Latest Lexus Interface Debuts with 14-in. Touchscreen and 12.3-in. Multi-Information Display Lexus Safety System+ 4.0 (LSS+ 4.0) Pre-Collision System with Pedestrian detection Rear Pedestrian detection Risk Avoidance Emergency Steer Assist Intersection Turn Assist DRCC or Dynamic Radar Cruise Control with Eco-mode Lane Tracing Assist Lane Changing Assist Lane Departure Alert with Steering Road Sign Assist Intelligent High Beams Proactive Driving Assist Traffic Jam Assist Front Cross-traffic Alert FCTA 74.7 kWh lithium-ion battery Standard NACS charging port Lexus will include a CCS to NACS plug adapter allowing owners to access over 76,000 level 2 & 3 chargers nationwide with CCS charging cords. 11 kW AC charger controller Level 2 charger for charging to 80% in 7hrs Level 3 charger for charging to 80% in 28 minutes Dual Voltage Level 1 and 2 charging cable 2026 ES 350e and ES 500e include Plug & Charge capability with an active Remote Connect* trial or subscription which allows owners/lessees to initiate charging and payment at compatible public charging networks simply by plugging in after a one-time enrollment setup through the Lexus app. L-shaped LED running lights sit above Dual LED headlights and flank a pinched surface evocative of Lexus' spindle grille design and a prominent body shoulder line rises from behind the front wheels to meet the wraparound LED Blade taillamp with illuminated logo 2026 ES dimensions Exterior 3.1 inches longer wheelbase 2.2 inches wider width 6.5 inches longer length 4.5 inches in height Interior Front seat headroom .8 inches larger Rear seat headroom .4 inches larger Rear seat leg room 1.4 inches longer Front seat shoulder room 1.6 inches larger Front seat hip room 1.9 inches larger Front and rear seat hip ingress and egress is enhanced due to higher entry points 19-inch standard aluminum wheels Optional 21-inch wheels in various styles depending on model. OTA via 5G network Wireless device charger Wireless Apple CarPlay and Android Auto Smart Access keyless entry Active Drive Connect subscription Cloud Navigation Intelligent Assistant Remote Connect Safety Connect Service Connect Wi-Fi Connect The 2026 Lexus ES has emphasized a clean technology with elegance approach and as such they have gone with using capacitive touch buttons and bars to provide tactile feedback as they shift towards a streamline, tech driven luxury experience according to Lexus. ES 350e FWD Premium 221-hp permanent magnet synchronous electric motor powering the front wheel 10-speaker Lexus Premium Sound System Optional knee-level radiant heater for the driver and front-seat passenger ES 350e FWD Luxury 221-hp permanent magnet synchronous electric motor powering the front wheel Optional Executive package Upgrades the ES' rear outboard seats with power adjustments, heating and ventilation functions, a massage feature, and an ottoman on the passenger side Advanced Park with Remote Park Panoramic View Monitor 17-speaker 1,800-watt Mark Levinson® PurePlay Surround Sound System Auto Easy Close soft-close door latching and Digital Key 2.0 capability Knee-level radiant heater for the driver and front-seat passenger standard Dual Wireless Chargers Cold Area Package ES 500e AWD Premium 221-hp front motor, 118-hp permanent magnet synchronous electric motor to the rear axle for a combined net total output of 338 hp 0-60 mph 5.1 seconds 10-speaker Lexus Premium Sound System Optional knee-level radiant heater for the driver and front-seat passenger ES 500e AWD Luxury 221-hp front motor, 118-hp permanent magnet synchronous electric motor to the rear axle for a combined net total output of 338 hp 0-60 mph in 5.1 seconds Optional Executive package Upgrades the ES' rear outboard seats with power adjustments, heating and ventilation functions, a massage feature, and an ottoman on the passenger side Advanced Park with Remote Park Panoramic View Monitor 17-speaker 1,800-watt Mark Levinson® PurePlay Surround Sound System Auto Easy Close soft-close door latching and Digital Key 2.0 capability Knee-level radiant heater for the driver and front-seat passenger standard Dual Wireless Chargers Cold Area Package ES 350h Hybrid: Details to Date Lexus' sixth-generation gas-electric hybrid system powering either the front wheels or, with available all-wheel drive (AWD), all four wheels. Hybrid battery beneath the rear seat Toyota has stated that more details closer to release later in the year but pricing was announced. Toyota has stated the following EPA-estimated total driving range per full charge: ES350e with 19-inch standard wheels 307 miles ES350e with 21-inch optional wheels 292 miles ES500e with 19-inch standard wheels 276 miles ES500e with 21-inch optional wheels 272 miles 2026 Lexus ES Pricing Model Code Model Name MSRP* 9030 ES 350e Premium $48,795 9035 ES 500e Premium AWD $51,795 9032 ES 350e Luxury $57,195 9037 ES 500e Luxury AWD $60,195 9020 ES 350h Premium $50,995 9025 ES 350h Premium AWD $52,395 9021 ES 350h Premium+ $55,795 9026 ES 350h Premium+ AWD $57,195 *Prices listed include $1,295 Delivery, Processing, and Handling fee (DPH) for ES, which is subject to change at any time. Dealer price will vary. Style is a personal issue as some will find this polarizing, others will love it. Lexus keeps a four-door sedan on the lot for those that want a car over an SUV. For a point of comparison at the top of the Lexus lineup, see our Review: 2019 Lexus LS 500 F-Sport. More Lexus ES Coverage All-New 2026 Lexus ES Gets Electrification On All Models Review: 2019 Lexus ES 350 and Toyota Avalon Hybrid View full article
    • Drew Dowdell
      Kia News: 2027 Kia Seltos: New Platform, Up to 190 HP, EV9-Inspired Styling

      By Drew Dowdell · Posted

      We're expecting the US version to debut tomorrow along with another Kia crossover. 
    • G. David Felt
      Kia News: 2027 Kia Seltos: New Platform, Up to 190 HP, EV9-Inspired Styling

      By G. David Felt · Posted

      Good looking SUV for those wanting a reasonable priced compact SUV in ICE.
    • G. David Felt
      Random Thoughts Thread

      By G. David Felt · Posted

      My total thought is on the fact that so many others including idiot politicians and the administration are currently saying that once the war ends all will go back to the way it was and people are stupid enough to think it true when we know that rebuilding will take time and costs are only going up.

  • Who's Online (See full list)

    • There are no registered users currently online

  • My Clubs

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.

Hey there, we noticed you're using an ad-blocker. We're a small site that is supported by ads or subscriptions. We rely on these to pay for server costs and vehicle reviews.  Please consider whitelisting us in your ad-blocker, or if you really like what you see, you can pick up one of our subscriptions for just $1.75 a month or $15 a year. It may not seem like a lot, but it goes a long way to help support real, honest content, that isn't generated by an AI bot.

See you out there.

Drew
Editor-in-Chief

I've whitelisted
Continue without support

Write what you are looking for and press enter or click the search icon to begin your search