"The biggest problem has yet to be resolved – the class action lawsuit (in the U.S. and Canada), and how much it will cost," BNP Paribas chief credit analyst Mana Nakazora said in a note on Wednesday.  With so much uncertainty ahead, Takata itself has yet to put numbers on the potential fallout.  Over the past two years, Takata has provisioned reserves of 93.2 billion yen to cover the cost of recalling 9 million airbag inflators.  Based on the 10,000 yen per unit booked on previous recalls, SMBC Nikko estimates the latest recall of 34 million vehicles would be in the region of 250 billion yen.  Read MoreTakata's results were bad and its stock…bounces  With a cash pile of 69.1 billion yen and shareholders' equity of 147.2 billion yen at the end of 2015, the financial buffer is starting to look very thin, warned SMBC Nikko's Atake.  The latest recall not only "raises the possibility of negative net worth but would also jeopardize future funding liquidity, he said.  Takata's survival will hinge on how much of the costs will be shouldered by the carmakers. In the past, the carmakers have agreed to spread out repayments.  There is still a reasonable chance the carmakers will also be liable to pay a part of the costs but what the split will look like is unknown, Advanced Research Japan auto analyst Koji Endo told CNBC by email.  However, Takata is certain to lose out in more ways than just on the balance sheet, said Endo. "It's obvious that Takata has to lose some market share to its competitors including Autoliv, TRW and Daicel in the long run."  What can probably be ruled out is bankruptcy, reckoned SMBC Nikko's Atake.  "A bankrupt company can't pay out damages, so we are assuming Takata will not be driven to the point of no return," he said.
Takata is facing an increasing risk of a cash crunch as the cost of its global airbag recall spirals ever-upwards, analysts warn.