Breaking News

Honda, Ford to testify at U.S. Senate Takata hearing: aides

Stock MarketsMar 13, 2018 05:40PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
© Reuters. FILE PHOTO: A woman stands next to a logo of Takata Corp at a showroom for vehicles in Tokyo

By David Shepardson

WASHINGTON (Reuters) - Executives from Honda Motor Co (T:7267), Ford Motor Co (N:F) and Key Safety Systems will testify at a March 20 hearing on the ongoing massive Takata Corp (PK:TKTDQ) air bag inflator recalls of more than 60 million vehicles, committee aides briefed on the matter said Tuesday.

A Senate Commerce subcommittee is holding a hearing on the largest-ever recall in automotive history that some lawmakers say is moving too slow.

The hearing will include National Highway Traffic Safety Deputy Administrator Heidi King; John Buretta, the independent monitor of the Takata recall program,; Honda North America Executive Vice President Rick Schostek and Desi Ujkashevic, global director of Ford's automotive safety office.

Takata said in June that it has recalled, or expected to recall, about 125 million vehicles worldwide by 2019, including more than 60 million in the United States in vehicles built by 19 automakers.

At least 22 deaths and hundreds of injuries worldwide are linked to the Takata inflators that can explode with excessive force, unleashing metal shrapnel inside cars and trucks. The defect led Takata to file for bankruptcy protection in June.

Under the bankruptcy plan, Takata is selling its non-air bag inflator businesses to Key Safety Systems, a unit of China’s Ningbo Joyson Electronic Corp (SS:600699). Joe Perkins, chief financial officer of Key Safety Systems, will also testify at the Senate hearing, as will David Kelly, a former NHTSA official who is director of a coalition testing Takata inflators.

Last month, Ford warned 33,000 owners of older pickup trucks to stop driving them until Takata inflators can be replaced after a second death in a 2006 Ford Ranger caused by a defective Takata inflator was reported. The other 20 deaths have occurred in Honda vehicles. Honda issued a similar directive for some vehicles in 2016.

The office of Senator Jerry Moran, the Republican who chairs the subcommittee, said last week the hearing would review recall completion rates, the Takata bankruptcy and other efforts to get unrepaired recalled vehicles fixed.

Takata and Honda did not immediately comment.

Ford spokeswoman Christin Baker said the automaker appreciated the opportunity to testify and customer safety was a top priority.

NHTSA says just over half of the 40 million inflators recalled to date have been replaced.

Takata pleaded guilty in 2017 to a single felony count of wire fraud to resolve a U.S. Justice Department investigation and agreed to a $1 billion settlement.

Honda, Ford to testify at U.S. Senate Takata hearing: aides

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Write your thoughts here
Replace the attached chart with a new chart ?
Post also to:
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email