Toyota to recall 5.8 million cars with faulty airbags

Toyota Motor Corp (NYSE:TM) said on Wednesday that it plans to recall  over 5.8 million cars worldwide due to the faulty airbags supplied by Takata Corp (TYO:7312).

The models include the Corolla and the Yaris subcompact models where 1.47 million were sold in Europe, 1.16 million sold in Japan, 820,000 in China, and 2.35 million in other regions excluding the US.

The recall also extends to Central and South America, Africa, the Middle-East and Singapore. It includes the Hilux pick-up truck and the Etios line of sedans and hatchbacks.

These latest recalls are part of a larger effort by over a dozen automakers to replace tens-of-millions of faulty Takata air bags. The total number of airbags to be recalled is expected reach 70 million in the U.S. alone.

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Takata’s default airbag inflators use a chemical compound which can explode with excessive force after long exposure to hot conditions. They have been linked to at least 16 deaths globally, mainly in the United States. A recent death was of a 50-year-old woman in California who died due to the malfunctioning of Takata air bag inflators. Delia Robles was killed when the 2001 Honda Civic she was driving crashed on Sept. 30.

This is the industry’s biggest ever recall due to the pressure from US authorities.

“We will cooperate with the authorities and car makers and do our best to manufacture and supply replacement products,” a Takata spokesman said on Wednesday.

Takata plans to seek help from several financial investors to help pay for the huge liabilities from the recall and has also been meeting with automaker clients and potential sponsors to discuss its survival options.

Automakers including Toyota, Honda (NYSE:HMC), Mazda (TYO:7261) and Ford (NYSE:F) have said they will stop using Takata airbags containing ammonium nitrate in future models.

Takata also produces seatbelts, child seats, and other safety-related car parts.