Takata Bankruptcy Benefits Automakers Over Victims
Takata Corporation, a Japanese automotive parts company, is brought down by the huge cost of its exploding airbag crisis. Takata's faulty airbag inflators which can blast shrapnel into drivers, as well as passengers, have resulted in a major recall of tens of millions of vehicles. It has been also linked that it resulted in a record of 11 deaths in the U.S. and numerous others elsewhere.
With spiraling liabilities estimated at more than $9 billion, Takata stated on Monday that the car apparels company is seeking bankruptcy protection in Japan and in the United States. According to CNN, Takata is also selling off the lion's share of its market to a U.S.A.-based rival company.
A Chinese-Owned company named as Key Safety Systems is willing to pay $1.6 billion for nearly all of the operations of Takata. However, it's staying away from the portions of the deal with the airbag inflators, which will give wound to the company soon. "We caused troubles for our supporters, those who cooperated with us and the creditors," Chairman Shigehisa Takada said on Monday at a news conference where he bowed before the medias and cameras. "On behalf of Takata, I apologize deeply from the bottom of my heart."
As reported by Reuters, most of Takata's obligations and responsibilities are owed not to the victims but to automakers for recalling and restoring millions of its air bags. In fact, the Japanese suppliers are restructuring their plans to rely heavily on financial support from its customer. Several personal injury lawyers announced that Takata Corporation had made too many concessions to other automakers, without investigating the value of their rights.
As a matter of fact, lawyers of TK Holdings and General Motors Co. argued about the need of fund in order to outweigh the investigation of the other car companies, which could happen later on. "I will figure that out in due course, but I’m not doing that today," U.S. Bankruptcy Judge Brendan Shannon said.
Tesla Has A Treat For 400,00 Customers Who Pre-ordered The Model 3
Tesla claimed that the Model 3 car can drive 215 miles on a single charge with access to the largest supercharger network ever, which is set to double in size by the end of 2017.
2018 Jaguar I-Pace Electric Crossover Spied Near Nurburgring
The production I-Pace is expected to have similar specs to the concept, with two electric motors providing all-wheel-drive capability and a 90-kilowatt-hour battery pack that’s estimated to be good for 220 miles of range.
Model 3 Leaked Images Shows Internet Power Struggle Of Tesla's Upcoming EV
A close-up shot of the interior gives us the first solid look at what the final steering wheel design of Tesla Model 3 may look like. And this is far from the spaceship style design Elon Musk promised on Twitter before.
WannaCry Virus Halted Honda’s Production For A Day
This virus is the same one that infected over a million machines worldwide after taking advantage of security holes in some Microsoft products. According to a Honda spokesperson, about 1,000 units were not produced as planned because of the attack.
Tesla Model 3 Hits Production This Week, First Car To Be Delivered This Month
The Model 3 will be priced around $35,000. Elon Musk envisions it reaching a much wider range of customers and has said he expects it to push Tesla’s output to 500,000 cars a year in 2018.
MORE IN ITECHPOST
Google Engineers Reveal That Their "Unsafe" Code Causes 70% of Security Vulnerability
Google engineers have revealed that 70% of security bugs could actually be because of their "unsafe" code. The company blames C and C++ coding languages.
SpaceX, NASA's Historic Astronaut Launch in the US Threatened by Disruptive Weather Delay
SpaceX, NASA prepares to send the first Astronaut-manned launch into space from the US in nearly 10 years. Will the weather cooperate with their launch this Wednesday?
How to Get Your Free Mortal Kombat 11: Aftermath Copy
If you want to learn how to get Mortal Kombat 11: Aftermath for free, all you need to do is follow the instructions in this article.