Following the bombshell allegations earlier this year, a new report from Japan's Transport Ministry revealed that Toyota falsified data to certify select vehicles. The news sent the carmaker's stock valuation down $15 billion in a week.

Toyota fell about 5.3% after the June 3 report, resulting in a loss of 2.45 trillion Japanese yen, equivalent to just over $15 billion.

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The inspection and subsequent report led Toyota to immediately halt shipments of three vehicles (Corolla Fielder, Corolla Axio and Yaris Cross). Four other models have been discontinued after the data was found to be incorrect.

The falsified tests are said to have been conducted in 2014, 2015 and 2020.

“As the person in charge of the Toyota Group, I would like to sincerely (apologise) to our customers, car fans and all stakeholders for this,” said Akio Toyoda, Toyota chairman and grandson of the company's founder, in A press conference last week.

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However, the carmaker's market cap is around 280 billion dollars.

The scandal began in January 2024 after Japanese officials raided a Toyota factory following an admission by Toyota executives that the company had falsified the results of some engine tests.

Meanwhile, the company reported a strong FY 2024 (which began in April 2023 and ended in March 2024) with a sales revenue of ¥45,095.3 billion, an increase of 21.4% from FY 2023.

The results of the investigation are expected to hurt the company's future earnings. Toyota is expected to Q1 FY 2025 report in August.