Filed under: Japan , Toyota , Earnings/Financials Toyota is expecting to see a sales increase of around two percent next year, according to Automotive News . The Japanese manufacturer is set to retake its position as the world’s largest automaker this year, and 2013 may see the company’s global sales step to 9.91 million vehicles. That figure includes sales from subsidiaries like Hino Motors and Daihatsu Motor Company. Much of that projection depends on US sales increasing to balance out a 15-percent decline in Japan . The Japanese government allowed subsidies for fuel-efficient vehicles to expire in September, and Toyota sales have slackened as a result. Globally, new vehicle sales are expected to crest 80 million units for the first time in 2012 despite economic woes in the European Union. Next year, Toyota expects to see its overseas operations enjoy an eight percent rise in sales to 7.87 million units while Japanese deliveries are projected to decline to 2.04 million vehicles. The company predicts sales in Asia, meanwhile, will be driven largely by Indonesia. Interestingly enough, the company has not settled on a sales target for China . Toyota already forecasting record sales in 2013 originally appeared on Autoblog on Wed, 26 Dec 2012 14:16:00 EST.
Toyota proposes economic loss settlement worth up to $1.4 billion over unintended acceleration claims
Filed under: Government/Legal , Recalls , Safety , Toyota , Earnings/Financials Toyota announced a proposal today worth over a billion dollars to settle civil claims of economic loss related to alleged cases of sudden unintended acceleration in its vehicles from 2009-2010. Estimates place the cost of the settlement between $1.1 billion and $1.4 billion, which would, according to lawyers for the plaintiffs, make it the largest of its type in US history. US District Judge James Selna, who is presiding over the case in California, will review Toyota’s settlement proposal as early as Friday. The details of the settlement, as given by Toyota in an official statement and obtained from a press release issued by lawyers for the plaintiffs, are as follows. Toyota will install brake override systems in all 3.25 million vehicles subjected to the floor mat entrapment recall . A fund of $250 million will compensate former Toyota owners who sold their cars from September 1, 2009 through December 31, 2010 for lost value. Another fund of $250 million will compensate current owners whose vehicles are not eligible for the free brake override system. All 16 million current Toyota owners will be eligible for a customer care plan that warrants certain parts allegedly related to unintended acceleration for three to 10 years. Education grants valued at $30 million will be made to independent academic institutions to further study auto safety and enhance driver education. As mentioned above, the settlement relates only to claims of economic loss, and thus does not cover wrongful death claims, the first trail for which is slated to begin in February 2013.
NEW YORK, Dec 26, 2012 –Toyota Motor North America today announced an agreement to resolve economic loss litigation in the U.S. related to previous recalls by committing to actions that deliver value to its customers.
Filed under: Plants/Manufacturing , Honda , Mazda , Nissan , Toyota , Volkswagen Wards Auto has released its North American Light Vehicle Production Forecast for 2014, and the report predicts foreign manufacturers will increase production on the continent some 3.9 percent by 2014. If accurate, that should see 123,000 additional cars, trucks and vans produced in North America, swelling the total number of units produced both by domestic and foreign manufacturers to 16.9 million light vehicles from a projected 15.6 million in 2013. Much of the increase can be attributed to the fact that Toyota intends to produce another car at its Blue Springs, MS plant as well as a new Lexus model at its Georgetown, KY facility in a year’s time. Likewise, Volkswagen intends to move production of a currently imported model to its plant in Puebla, Mexico. Daimler , Honda , Nissan and Mazda also plan to build additional models on North American soil for the first time. Around two-thirds of the new North American manufacturing will take place in Mexico, helping the country soak up a full 20 percent of the content’s automotive production for the first time. You can head over to the Wards Auto site for the full report. North American production of foreign marques to jump in 2014 originally appeared on Autoblog on Sun, 23 Dec 2012 15:06:00 EST. Please see our terms for use of feeds . Permalink