The urgent need to replace more than 65 million potentially deadly air bags won't be stalled by dire financial reports out of Tokyo on Wednesday about the company that has recalled them, according to U.S. Transportation Secretary Anthony Foxx. Takata, the world's largest air-bag maker and supplier for 17 automakers, on Wednesday announced a net loss of $120.5 million for its financial year ending in March. After foreshadowing the losses earlier this week, the company's stock fell by 11 percent before regaining 2.5 percent on Wednesday. "If, for some reason, Takata falls out of the equation, the manufacturers of the cars are still on the hook to make sure that the recalls happen," Foxx said in a meeting with reporters Tuesday. The car makers facing recall of some models is a virtual laundry list of the industry, with Jaguar/Land Rover, Tesla and Fisker recently added. Many car owners who have received recall notices say dealers tell them it will take weeks or months before their air bags can be replaced.