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Nissan to recall 1.21 million cars

Improper inspections to cost automaker $220mn; shares drop 2.7%

Nissan CEO Hiroto Saikawa speaks at a press conference in Yokohama on Oct. 2. (Photo by Kosaku Mimura)

TOKYO -- Flawed safety inspections discovered at Nissan Motor's domestic factories will lead to a recall of as many as 1.21 million vehicles at a cost of some 25 billion yen ($220 million), the automaker said Monday. 

CEO Hiroto Saikawa said "We sincerely apologize," at a press conference at the company's Yokohama headquarters. 

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