Jump to content
  • 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
    David
    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
    David
    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.

    ×



  • Posts

    • ccap41
      Random Thoughts Thread

      By ccap41 · Posted

      Lyriq Chief Engineer, Jamie Brewer, recently explained to GM Authority that the team decided to prioritize rear cargo space over two separate cargo areas. Thus, the 2023 Cadillac Lyriq will have a larger traditional rear storage area. In fact, according to Brewer, that enables the Lyriq to boast the “largest cargo volume in its competitive set.” That made us wonder what, exactly, is the Lyriq’s competitive set. According to Cadillac spokesperson, Katie Minter, it consists of the Audi e-tron and Jaguar I-Pace. “Lyriq is aimed at customers that are looking for a luxury SUV with outstanding styling, ride and handling and seamlessly integrated technology. In this instance, we’re looking at vehicles such as the Audi e-tron and Jaguar I-Pace,” Minter told GM Authority in an emailed statement. So then, Lyriq has a maximum cargo volume of 60.8 cubic feet behind the first row seats and 28.0 cubic feet behind the second row. When compared to the Audi e-tron and the Jaguar I-Pace, the Lyriq does offer more space in the back. 2023 Cadillac Lyriq Cargo vs. e-tron I-Pace   Cadillac Lyriq Audi e-tron Jaguar I-Pace Rear cargo volume behind second row (cu. ft.) 28.0 28.5 25.3 Rear cargo volume behind first row (cu. ft.) 60.8 56.5 51.0 Frunk cargo volume (cu. ft.) N/A 2.12 0.95 Total front & rear cargo volume (cu. ft.)* 28.0 30.62 26.25 * With second row seats upright However, both the e-tron and the I-Pace feature frunks (2.12 cubic feet in the e-tron, 0.95 cubic feet in the I-Pace respectively), allowing the e-tron to have slightly more total cargo volume (combined frunk and rear cargo area). https://gmauthority.com/blog/2021/05/heres-why-the-2023-cadillac-lyriq-doesnt-have-a-frunk/  
    • ccap41
      Random Thoughts Thread

      By ccap41 · Posted

      That's probably a better worded way to put it. It's a missed opportunity.  They're all liquid cooled at this point and I can't imagine Ford and Tesla are having battery cooling issues, at least I haven't heard of any yet and I've watched a fair amount on the Mach-E and know somebody with a pair of Teslas in Nevada.  I don't believe lack of cooling has ever been a factor in an EV catching fire. It's always something shorting and sparking with poor connection(s) somewhere.  I'd also like to learn why. They have to have a good justification, I know they're not a bunch of idiots who "didn't think of it".  I just don't want the press release answer of "we needed the space for packaging". 
    • Robert Hall
      Random Thoughts Thread

      By Robert Hall · Posted

      Hummer EV (and Silverado EV) are much bigger and truckular...so they have a lot more space underneath for the dirty bits.   The Lyriq isn't a high riding 4x4, so it has to use space for the electric motor(s), power brake system, HVAC, radiator, etc under the hood...
    • oldshurst442
      Random Thoughts Thread

      By oldshurst442 · Posted

      Ive read that the Lyriq has a 5 link suspension system front and back.  Maybe that suspension set-up limits the space for the Lyriq?
    • oldshurst442
      Random Thoughts Thread

      By oldshurst442 · Posted

      Lack of a frunk in the Lyriq for me, not necessarily looks like a mistake.  I dont feel like it might be a mistake.  A lost opportunity to offer a tad more storage space is how I would classify it rather than it being aa mistake. Because I reserve my opinion to see how GM's Ultium platform is engineered and utilized.  Yes, there is free space up there in the front.  If GM engineered it for the use for powertrain bits, computing ECUs, electrical harnesses  or whatnot instead of cramming those where the batteries are and limiting cooling hardware and other stuff limiting the cooling space for batteries, then Id say a job well done for GM engineering.   Batteries, with what Ive read on them, need space and hardware to properly cool.  All others cram all kinds of stuff in that batteerry space just to have a frunk.  That is one solution that benefits the consumer for storage. But if cooling is not adequate, then it takes away from that advantage and becomes a disadvantage in another way in some form or other. If GM managed to have their batteries perform better than Ford or Tesla because they took away the consumer's advantage for a frunk, but gave the consumers a better performing battery, then the consumer has that as an advantage. Remember, batteries do catch on fire after and insufficient cooling might actual be a cause regardless how good Tesla cools their batteries....or anybody else's battery tech... Including GM's Bolt.   https://www.washingtonpost.com/nation/2022/06/22/tesla-fire-sacramento/ Maybe GM and LG have learned a lesson and maybe this is a solution?   I dont know as I dont know how GM uses the frunk space for the Lyriq.    I itching to learn more about it though.  Would be interesing to know why the Hummer EV has a frunk and the Lyrriq does not.  Is it because the Hummer has an abundance of space underneath where thee batteries go and the Lyriq is best engineered to use the frunk space instead?  

  • Social Stream

  • Today's Birthdays

    1. bobo
      bobo
      (54 years old)
    2. loki
      loki
      (39 years old)

  • Who's Online (See full list)

About us

CheersandGears.com - Founded 2001

We ♥ Cars

Get in touch

Follow us

Recent tweets

facebook

Support and Policies

Support

Meet the Staff

Advertising

Terms of Service

Privacy Policy

User Submitted Content

×
×
  • Create New...