Connect with us

Hi, what are you looking for?


Toyota plummets down Forbes list

TOKYO, Apr 22 – Toyota Motor, beset by huge safety recalls and a host of lawsuits over deaths linked to its cars, tumbled from third to 360th on the annual Forbes list of the world\’s leading companies.

The car maker trailed far behind rivals Ford, Honda, and Hyundai in the 2010 listing, which ranks 2,000 of the world\’s best corporate performers based on an equal weighting of sales, profits, assets and market value.

Toyota ranked third last year and 10th five years ago.

US car makers General Motors and Chrysler, which are currently turning around their businesses after filing for bankruptcy protection last year, were absent from the list.

Germany\’s Daimler was ranked 388th and Volkswagen dropped off the list due to the complexity surrounding its 2009 merger with Porsche.

Toyota, which dethroned General Motors as the world\’s biggest car maker in 2008, has recalled around 10 million vehicles worldwide due to accelerator and brake defects, which have been blamed for 58 deaths in the US.

In the latest blow, international ratings agency Moody\’s Thursday downgraded the beleaguered car maker because of uncertainty over "product quality" potentially hitting sales following the mass recalls.

Earlier this week the company agreed to pay a 16.4-million-dollar fine, the largest for a car maker in the United States, for hiding for at least four months accelerator pedal defects blamed in the US deaths.

Toyota is facing at least 97 US lawsuits seeking damages for injury or death linked to sudden acceleration and 138 class action lawsuits from American customers suing to recoup losses in the resale value of Toyota vehicles.

Advertisement. Scroll to continue reading.
Also Read:  Coca Cola injects Sh3bn in Kenya

Despite the world financial crisis, banks still dominated the list with 308 lenders in the lineup, mainly thanks to their assets, said Forbes Magazine which compiles the list.

US investment giant JP Morgan Chase topped the list, removing General Electric from the number one spot.

Forbes said its top 2,000 companies account for 30 trillion dollars in revenue, 1.4 trillion dollars in profits, 124 trillion dollars in assets and 31 trillion dollars in market value, up 61 percent from the previous year.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...