Toyota Industries Shares Slump After It Suspends Shipments of Certain Forklifts

By Kosaku Narioka

Toyota Industries Corp. shares fell sharply Monday morning after the Japanese machinery maker suspended domestic shipments of certain forklifts due to potential violation of emission regulations.

The shares were recently 8.8% lower at 7,070 yen after falling as much as 10% earlier.

Toyota Industries said Friday after market close that it suspended shipments of forklifts equipped with three engine models in Japan because it failed to conduct emission tests properly. The company said it had reported the issue to Japanese government ministries.

The machinery maker said it sold about 16,500 units of the forklifts equipped with the three engine models in the fiscal year ended March 2022, generating about Y42.0 billion ($318.6 million) in revenue, compared with total revenue of Y2.705 trillion.

Toyota Industries said several executives would decline to receive some of their compensation.

Write to Kosaku Narioka at kosaku.narioka@wsj.com

(END) Dow Jones Newswires

March 19, 2023 22:14 ET (02:14 GMT)

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