Takata will announce that it is more than doubling what is already the largest-ever U.S. auto safety recall, three sources said.
Shares of U.S. car makers Ford and GM opened nearly 3 percent lower Tuesday.
Asia markets took "sell in May" sentiment to heart on Monday, with Japan's benchmark index tumbling over 3 percent and Australia banks selling off.
CNBC's Seema Mody looks at the inaction from the Bank of Japan and how it's affecting stock markets and the yen.
The yen rallied sharply and stocks tumbled Thursday after the BOJ kept monetary policy steady policy steady at a scheduled meeting.
Asia markets closed lower on Wednesday, ahead of key central bank decisions from the Fed and the Bank of Japan this week.
Asia finished mixed on Tuesday as investors took to the sidelines ahead of major central bank monetary policy decisions due later in the week.
At the Beijing Auto Show, industry stalwarts are racing against local rivals to indulge China's thirst for sports utility vehicles.
Asia markets fell Monday across the board, with many traders likely taking to the sidelines ahead of several central bank decisions this week.
Asia markets finished mixed on the final trading day of the week, with major indexes in Australia, Japan and Hong Kong eking out weekly gains.
The Japanese automaker will release three more eco-friendly sedans by the end of 2017.
Most major Asian markets advanced on Thursday, but Chinese stocks fell behind their regional peers and extended losses from the previous session.
Asian markets retraced much of their early gains on Wednesday afternoon, with Chinese mainland markets dropping particularly sharply.
Most Asian markets gained on Tuesday, led by Japan, as oil prices steadied after Monday's drop on producers' failure to reach an output-freeze deal.
Toyota, Honda and Sony temporarily halt operations after two earthquakes hit Japan.
Asia markets dropped Monday, as oil tumbled after producers failed to reach a deal to freeze output and Japan shares took a hit from quakes last week.
Toyota Motor, the world's biggest-selling automaker, said on Sunday it would suspend much of its production at plants across Japan this week.
Survivors from a series of deadly earthquakes in southern Japan spent a cold night in cramped shelters or camped out in field on Monday.
A powerful 7.3 magnitude earthquake struck southern Japan early on Saturday, killing at least 25, barely a day after a nearby quake killed nine.
Asia markets were mixed in the final trading day of the week, following the release of China's GDP numbers for the first quarter of 2016.