Takata CEO Apologizes for Airbag Recalls

Takata Corp. CEO Shigehisa Takada apologized to shareholders earlier today for the company's increasing liability for some 10.5 million vehicle recalled by eight carmakers to replace Takata-supplied airbag systems that could explode.

The company, which expected a 16 billion-yen ($157 million) profit, is expected to book a $500 million charge for the recalls and post a loss for the year. Takata's stock price had dropped almost 30% this year.

Most of the recalls announced this week involve vehicles in high-humidity areas: Florida, Hawaii, Puerto Rico and the U.S. Virgin Islands.