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But the Nasdaq is still on pace for its best year since '03 Harvard faces Friday deadline to respond to House on plagiarism scandal The highs (and lows) of the year in markets: The wild 2023 that was Hot Stocks ----- is driving the US market Something isn't loading properly. Please check back later. Ad Feedback Ad Feedback Toyota-owned automaker halts Japan production after admitting it tampered with safety tests for 30 years Michelle Toh By Michelle Toh, Hanako Montgomery and Francesca Annio, CNN 2 minute read Published 3:57 AM EST, Wed December 27, 2023 Link Copied! Photo taken from a Kyodo News helicopter on Dec. 25, 2023, shows a Daihatsu Motor Co. factory in Oyamazaki in Kyoto Prefecture, western Japan. The small-car unit of Toyota Motor Corp. said the same day it will suspend production at all domestic factories until at least the end of January due to a safety testing scandal. (Photo by Kyodo News via Getty Images) A Daihatsu Motor factory in Oyamazaki in Kyoto, Japan. The small-car unit of Toyota said it would suspend production at all domestic factories until at least the end of January due to a safety testing scandal. Kyodo News/Getty Images Hong Kong/Tokyo CNN -- Daihatsu, the Japanese automaker owned by Toyota, has halted domestic production after admitting it forged the results of safety tests for its vehicles for more than 30 years. The brand, best known for manufacturing small passenger cars, has stopped output at all four of its Japanese factories as of Tuesday, including one at its headquarters in Osaka, a spokesperson told CNN. The shutdown will last through at least the end of January, affecting roughly 9,000 employees who work in domestic production, according to the representative. The move comes as Daihatsu grapples with a deepening safety scandal that Toyota says "has shaken the very foundations of the company." Last week, Daihatsu announced an independent third-party committee had found evidence of tampering with safety tests on as many as 64 vehicle models, including those sold under the Toyota brand. As a result, Daihatsu said it would temporarily suspend all domestic and international vehicle shipments and consult with authorities on how to move forward. EDMONTON, CANADA - OCTOBER 26, 2023: Toyota logo and vehicles outside a Toyota dealership in Edmonton, on October 26, 2023, in Edmonton, Alberta, Canada. (Photo by Artur Widak/NurPhoto via Getty Images) EDMONTON, CANADA - OCTOBER 26, 2023: Toyota logo and vehicles outside a Toyota dealership in Edmonton, on October 26, 2023, in Edmonton, Alberta, Canada. (Photo by Artur Widak/NurPhoto via Getty Images) Artur Widak/NurPhoto/Getty Images Toyota recalls 1 million vehicles over airbag sensor glitch The scandal is another blow to the automaker, which had admitted in April to violating standards on crash tests on more than 88,000 cars, mostly sold under the Toyota brand in countries such as Malaysia and Thailand. In that case, "the inside lining of the front seat door was improperly modified" for some checks, while Daihatsu did not comply with regulatory requirements for certain side collision tests, it said in a statement at the time. In May, the automaker said it had discovered more wrongdoing, revealing that it had submitted incorrect data for collision tests on two hybrid electric vehicles. The company said at the time it had stopped shipping and selling those models. The latest probe further threatens the company's reputation. According to a report released last Wednesday by the investigative committee, 174 more cases were found of Daihatsu manipulating data, making false statements or improperly tinkering with vehicles to pass safety certification tests. The oldest case was traced back to 1989, with a noted increase in the number of cases since 2014, the report said. Toyota shares dropped 4% in Tokyo last Thursday following the news. The stock has since pared some losses. Tesla Model X vehicle is on display during the 5th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) on November 5, 2022 in Shanghai, China. Tesla Model X vehicle is on display during the 5th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) on November 5, 2022 in Shanghai, China. Visual China Group/Getty Images Tesla recalls over 120,000 cars over door risks In response, the Japanese behemoth has promised to shake up its subsidiary, saying in a statement last week that "fundamental reform is needed to revitalize Daihatsu." "This will be an extremely significant task that cannot be accomplished overnight," Toyota said, adding that it would require a sweeping review of management, operations, and how the unit was structured. "We recognize the extreme gravity of the fact that Daihatsu's neglect of the certification process has shaken the very foundations of the company as an automobile manufacturer," Toyota added. -- CNN's Emiko Jozuka contributed to this report. Related Ad Feedback More from CNN Business Investors watch computer screens displaying stock price figures at a stock exchange hall on August 28, 2023 in Anqing, Anhui Province of China. Jiang Sheng/VCG/Getty Images Chinese stocks are the big losers of 2023. Oil also had a bad year Dec 29, 2023 Lowell House on the Harvard University campus in Cambridge, Massachusetts, US, on Tuesday, Dec. 12, 2023. The presidents of Harvard University and MIT have been under scrutiny amid furor over their remarks to Congress about antisemitism on campus. Photographer: Mel Musto/Bloomberg via Getty Images Mel Musto/Bloomberg/Getty Images Harvard has 'never been weaker,' ex-Facebook exec warns Dec 29, 2023 Ad Feedback CNN Business Videos exp 60 Second Economy Mauritius_00001101.png 60 Second Economy Mauritius 0:59 Dec 29, 2023 exp 60 Second Economy Azerbaijan_00000701.png 60 Second Economy Azerbaijan 0:59 Dec 29, 2023 exp 60 Second Economy Rwanda _00002001.png exp 60 Second Economy Rwanda 0:59 Dec 29, 2023 exp 60 Second Economy Bahamas_00002101.png 60 Second Economy Bahamas 0:59 Dec 29, 2023 Ad Feedback Ad Feedback [ ] Search Log In My Account * Settings * Topics You Follow * Log Out Your CNN account Log in to your CNN account --------------------------------------------------------------------- Live TV Listen Watch --------------------------------------------------------------------- * Electronics * Fashion * Beauty * Health & Fitness * Home * Reviews * Deals * Gift Ideas * Money * Travel * Outdoors * Pets Follow CNN Underscored * * * --------------------------------------------------------------------- * US + Crime + Justice + Energy + Environment + Extreme Weather + Space + Science * World + Africa + Americas + Asia + Australia + China + Europe + India + Middle East + United Kingdom * Politics + SCOTUS + Congress + Facts First + 2024 Elections * Business + Tech + Media + Calculators + Videos * Markets + Pre-markets + After-Hours + Market Movers + Fear & Greed + World Markets + Investing + Markets Now + Before the Bell + Nightcap * Opinion + Political Op-Eds + Social Commentary * Health + Life, But Better + Fitness + Food + Sleep + Mindfulness + Relationships * Entertainment + Movies + Television + Celebrity * Tech + Innovate + Gadget + Foreseeable Future + Mission: Ahead + Upstarts + Work Transformed + Innovative Cities * Style + Arts + Design + Fashion + Architecture + Luxury + Beauty + Video * Travel + Destinations + Food & Drink + Stay + News + Videos * Sports + Pro Football + College Football + Basketball + Baseball + Soccer + Olympics + Hockey * Watch + Live TV + CNN Headlines + CNN Max + Digital Studios + CNN Films + HLN + TV Schedule + TV Shows A-Z + CNNVR * Listen * CNN Underscored + Electronics + Fashion + Beauty + Health & Fitness + Home + Reviews + Deals + Money + Gifts + Travel + Outdoors + Pets + CNN Store * Coupons * Weather + Climate + Storm Tracker + Wildfire Tracker + Video * About CNN + Photos + Investigations + CNN Profiles + CNN Leadership + CNN Newsletters + Work for CNN --------------------------------------------------------------------- Watch Listen Live TV Follow CNN Business * * * * Log In My Account * Settings * Topics You Follow * Log Out Your CNN account Log in to your CNN account --------------------------------------------------------------------- Most stock quote data provided by BATS. 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