Toyota supplier Tokai Rika's stock falls almost 10% following recall
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Shares in Toyota supplier Tokai Rika Co. fell nearly 10 percent in Japan following disclosures that it made parts involved in the automaker's global recall this week of 7.43 million vehicles for defective power-window switches.
Toyota said Wednesday that 2.47 million vehicles in the U.S. were included in the recall.The automaker, in documents filed with U.S. safety regulators, said nine injuries and 161 fires were linked to the defective parts, but no deaths or accidents occurred.
The problem was sticky driver's-side window switches made by Tokai Rika and its U.S. subsidiary, Tram Inc. of Plymouth, Mich., Toyota disclosed in the U.S. filing. Toyota is the supplier's largest customer, Bloomberg reported.
Shares in the supplier fell 9.6 percent to 905 yen, making it the third-biggest decliner today on the Topix index, Bloomberg reported.
Tokai Rika, a producer of power-window switches, parking brake switches and door mirrors, declined comment and referred all inquires back to Toyota.
"We are only a parts supplier, so we can't make any comment," spokesman Hitoshi Asano told Automotive News.
Toyota has declined to discuss supplier issues involved with the recall.
Hans Greimel contributed to this report.
