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Toyota<\/a>, the world\u2019s largest automaker, saw its market value plummet last week after Japan\u2019s Transport Ministry found it had falsified and mishandled data for safety certifications tests.<\/p>\n The scandal took a $15.6 billion bite out of the company\u2019s market cap as its shares fell by more than 5.4% last week, CNBC<\/em> reported<\/a>. Toyota\u2019s Nasdaq-listed shares were up about 1% as of Monday afternoon.\u00a0<\/p>\n Through an internal investigation prompted by a regulator mandate, Toyota found it had not performed safety tests as certification required in five cases related to vehicles including the Crown, Corolla, and the Yaris Cross. In one case involving the Lexus<\/a> RX, the company had submitted falsified data to meet safety standards and submitted it for certification.<\/p>\n Although the company maintained the vehicles affected by the scandal were safe to drive, Toyota\u2019s chairman Akio Toyoda apologized<\/a> in a press conference last week.<\/p>\n \u201cAs the person responsible for the Toyota Group, I would like to extend my sincere apologies to our customers, car enthusiasts, and all stakeholders for this issue,\u201d he said.\u00a0<\/p>\n Toyota said it would suspend production of three models\u2014the Corolla Fielder, Corolla Axio, and Yaris Cross\u2014based on the findings from its investigation. The company sold<\/a> more than 11 million total vehicles worldwide last year.\u00a0<\/p>\n Toyota\u2019s rivals Honda<\/a>, Mazda, and Suzuki also admitted<\/a> to falsifying data related to safety certification tests in what amounted to a week of setbacks for Japanese automakers. Mazda, which is Japan\u2019s second largest automaker, suspended production of the Roadster RF and Mazda 2, while company shares sank more than 7% last week, resulting in a $500 million hit to its market cap, CNBC<\/em> reported.<\/p>\n The safety scandal involving several Japanese automakers risks damaging the stellar reputation that companies such as Toyota and Nissan<\/a> have cultivated, especially in North America, the companies\u2019 biggest market.\u00a0<\/p>\n Japan\u2019s transport ministry earlier this year ordered 90 car manufacturers to reexamine how they test their vehicles after a Toyota affiliate was found to have falsified data related to safety for decades.<\/p>\n<\/div>\n<\/div>\n\n