Toyota truck arm Hino posts record net loss for FY 2024 on data fraud
TOKYO (Kyodo) -- Hino Motors Ltd., the truck-making subsidiary of Toyota Motor Corp., posted on Thursday a record net loss of 217.75 billion yen ($1.53 billion) for fiscal 2024 due to criminal penalties in the United States over fraudulent emissions data reporting.
The Japanese truck maker fell into the red from a 17 billion yen net profit a year earlier, further pressured by class action lawsuits in countries such as Canada seeking damages from the company.
In January, Hino reached a settlement with the Department of Justice and other U.S. authorities to pay about $1.2 billion in penalties for the scandal.
The issue came to light in 2022 when the company admitted to submitting fabricated emissions and fuel economy data to transport authorities.
But Hino expects to return to the black for the current fiscal year ending March 2026, projecting a net profit of 20 billion yen. It forecasts sales to drop 11.6 percent to 1.5 trillion yen.
"We are moving steadily toward normalization," President Satoshi Ogiso said in an online press conference.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Nikkei Asia
41 minutes ago
- Nikkei Asia
BOJ weighs slowing pace of tapering JGB purchases
TOKYO -- The Bank of Japan is considering slowing the pace of cuts in its government bond purchases from April 2026, as concerns grow over a rise in yields on superlong bonds. The central bank has reduced the pace of monthly Japanese government bond buying by 400 billion yen ($2.8 billion) every quarter since last summer in an effective shit to quantitative tightening. But in light of volatility in the bond market, the BOJ's policy board will discuss easing the pace of slowing to 200 billion yen per quarter.
Nikkei Asia
5 hours ago
- Nikkei Asia
Nippon Steel set to complete $14bn acquisition of U.S. Steel next week
SHOTARO TANI and NAOKI MATSUDA TOKYO -- U.S. President Donald Trump on Friday cancelled the decision by former President Joe Biden to block Nippon Steel's acquisition of U.S. Steel, paving the way for the Japanese company to finalize its takeover of its American counterpart. Nippon Steel is expected to complete the acquisition on Wednesday U.S. time, buying all U.S. Steel shares for $14.1 billion.
Yomiuri Shimbun
5 hours ago
- Yomiuri Shimbun
Lithuanian President: More Defense Spending Needed; Nauseda Stresses Need for Greater Cooperation
The Yomiuri Shimbun Lithuanian President Gitanas Nauseda Lithuanian President Gitanas Nauseda stressed the need for increased defense capabilities in light of Russia's continued aggression in Ukraine, in an interview with The Yomiuri Shimbun on Tuesday. 'I think this is important to understand that those countries will never calm down, and they will try to escalate tension to create additional challenges,' he said of Russia and its ally Belarus. The North Atlantic Treaty Organization is considering a proposal to raise each member's defense spending target to 5% of its gross domestic product by 2032, and Nauseda said Lithuania will surpass this target next year. The administration of U.S. President Donald Trump has been strongly urging European countries to increase their defense spending. Nauseda noted that the risk of an attack by Russia is increasing. 'We have not so much time to prepare ourselves,' he said, adding that even European countries geographically distant from Ukraine should increase their defense spending as soon as possible. Nauseda said that, as Russia, China, North Korea and Iran strengthen their ties, cooperation between Europe and Japan is becoming even more important. 'They are the threat to all of us, so we have to unite our forces in order to take those threats and to build the wall of resilience … In this geopolitical context, to stick together, it's even more important' than before, he said. The Japanese government has announced that it will dispatch Defense Ministry officials to Lithuania's Regional Cyber Defense Centre (RCDC) starting later this month, which Nauseda called a 'very good example of our cooperation in this very important field.'
