Filed under: Recalls , Safety , Toyota Following news that Toyota has proposed a massive settlement to address the owners of vehicles effected by the unintended acceleration recall, shares for the automaker are up 2.6 percent. Over the course of this year, Toyota’s stock has jumped 51.7 percent. “My initiate reaction would be ‘that’s it’… $1 billion charge that covers recalls and everything else and you are looking at a $250 million compensation fund, that’s nothing,” said a senior trader at a foreign brokerage to Automotive News . This settlement has been set aside to cover class-action lawsuits from 16 million owners of Toyota, Lexus and Scion vehicles and is separate from other impending lawsuits – including one consumer protection suit in California and another unfair-business-practices case brought on by 28 attorneys general. In other positive news for investors, the Japanese yen has weakened compared to the US dollar. That likely means improved financial performance from the big Japanese automakers, the largest of which is Toyota. Toyota shares rise on smaller-than-expected settlement news originally appeared on Autoblog on Thu, 27 Dec 2012 18:00:00 EST. Please see our terms for use of feeds . Permalink
Filed under: Hybrid , Government/Legal , Recalls , Safety , Crossover , Lexus , Toyota , Luxury This summer, we brought you news that Lexus was recalling over 150,000 RX and RX hybrid crossovers tied to its massive pedal entrapment issue. An update to that story included word from the National Highway Traffic Safety Administration that it was considering launching a federal investigation into potential delays by the automaker in notifying owners about the problem. Now comes news that parent company Toyota will pay a hefty $17.35 million in fines for delaying its recall of the 2010 Lexus RX 350 and RX 450h. According to The Detroit News , the Japanese automaker is being forced to pay the maximum fine for delaying recalls – and this isn’t the first time. In fact, this is the fourth time since 2010 that Toyota has been required to do so, including paying $48.8M in civil penalties in 2010 for failing to recall vehicles in a timely manner – in three separate campaigns. In addition to the fines, Toyota has agreed to restructure the way it handles quality control and review “safety-related issues.” Though the Japanese automaker has not admitted any wrongdoing, Toyota has agreed to meet with NHTSA for six months on the matter and may extend the meetings another six months. US Transportation Secretary Ray LaHood says he is counting on Toyota to improve its ability to address such safety issues: “With today’s announcement, I expect Toyota to rigorously reinforce its commitment to adhering to the United States safety regulations,” he said in a statement. According to the report, Toyota has recalled more vehicles than any other automaker so far this year – 5.3 million in 13 separate campaigns – putting it about two million units ahead of second-place Honda . This latest fine is a drop in the bucket compared to Toyota’s expected global profits of $9.7 billion by the end of March, 2013. That said, Congress has already agreed to a new fine that will push the maximum penalty for delayed recalls up to $35 million.
NEW YORK – Dec. 4, 2012 – Toyota today highlighted its sustainable manufacturing advancements and commitment to environmental leadership as the automaker released its 2012 North America Environmental Report. The report spans Toyota operations in the United States, Canada and Mexico over the fiscal year, including research and development, manufacturing, logistics and sales. Toyota remains the most fuel-efficient full line auto manufacturer in the United States and the industry hybrid leader.
Filed under: Hybrid , Technology , Crossover , Toyota Toyota may be hard at work on a new hybrid version of the RAV4 . AutoExpress reports the automaker is keeping a close eye on the CUV segment to determine whether or not buyers would be receptive to the idea of a hybrid RAV4. Yoshikazu Saeki, deputy chief engineer with the automaker, said that a hybrid iteration wouldn’t be difficult to do. Saeki spoke with AutoExpress during the LA Auto Show , and said that while Toyota has no interest in building either a seven-seat version of the RAV4 or a sportier model along the lines of the Nissan Juke , a hybrid isn’t off the table. “We are watching the market,” Saeki said. “After introducing the new RAV4 we will see. There will be a possibility of introducing a hybrid RAV4 and we will respond to what the market wants.” Than again, we’ve heard these rumblings before . Back in 2009, Toyota said almost the exact same thing after the Shanghai Motor Show three years ago. Toyota RAV4 hybrid in development? originally appeared on Autoblog on Mon, 03 Dec 2012 11:27:00 EST.
Ford tumbles to second worst in Consumer Reports reliability survey, list dominated by Japanese [w/video]
Filed under: Acura , Ford , Honda , Lexus , Mazda , Scion , Subaru , Toyota It’s no secret that MyFord Touch has had its share of problems since being introduced, but the most recent reliability survey from Consumer Reports shows just how much this infotainment system has affected Ford . Just two years ago, the automaker was in the top 10 for the institute’s reliability rankings, but since then, it has tumbled to the second-lowest rung just above dead-last Jaguar . In addition to MyFord Touch, CR also attributes a handful of new products that have had issues right out of the gate. Compiled from 1.2 million subscriber surveys, this year’s auto reliability survey heavily favors Japanese automakers, with eight of the 10 spots hailing from Japan. Toyota brands grabbed the top three spots ( Scion , Toyota and Lexus – in that order) with Mazda , Subaru , Honda and Acura filling the next four spots. The only non-Asian automaker cracking the top 10 was Audi at number eight. Audi climbed a total of 18 spots from last year, and Cadillac and GMC round out this year’s top gainers breaking into the top 15. Helping Cadillac’s upward movement, the CTS Coupe was named the most reliable domestic car. Lincoln , Volvo and Chrysler join Ford on this year’s biggest loser list. Scroll down to watch a video and see where some of the other brands rank for reliability this year.
Filed under: Spy Photos , Crossover , Toyota Aside from its shiny new EV counterpart, there hasn’t been much happening in the world of the Toyota RAV4 . That’s set to change, though, as these spy shots indicate that a refreshed model isn’t too far down the pipeline. Just how refreshed will it be? Well, considering the fact that the RAV4′s last major redesign took place six years ago, we hope that there are some significant changes under all of that camouflage. We can already see some new design elements, including a front fascia that reminds us of what we see on the new Camry . Arguably, the current RAV4 is a pretty handsome little thing, but with more and more crossovers adding curvy lines, we wouldn’t be shocked if this new model gained a dose of rakishness. Well, as much as Toyota can muster, anyway. Other details remain slim, but expect the interior to get a much-needed update, likely incorporating features like Toyota’s Entune infotainment system. Under the hood, four-cylinder engines are likely going to be the driving force, including a rumored hybrid variant, but we won’t rule out the inclusion of the automaker’s 3.5-liter V6, as well. The new RAV4 will likely debut later this year in time for the 2013 model year.
Washington, DC – (June 28, 2012) – DC SCORES, which provides award-winning after-school programs for low-income youth in Washington, DC today received a brand new Toyota Sienna as part of the automaker’s100 Cars for Good program.
Toyota Motor Corporation Outperforms Industry in the J.D. Power and Associates 2012 Initial Quality Study
TORRANCE, Calif., June 20, 2012 – Toyota and Lexus vehicles captured five segment awards and five Toyota manufacturing facilities in Japan and North America won plant awards, including one Gold, in the 2012 Initial Quality Study (IQS), more than any other automaker in both categories.
Filed under: Coupe , Toyota It’s pretty safe to say that the Toyota GT 86 / Scion FR-S / Subaru BRZ joint venture has been quite a success so far. Here at Autoblog, we’ve had nothing but nice things to say about the Toyobaru coupe, and it’s a similar story elsewhere in the automotive press. Toyota has certainly been keeping track of the car’s progress, and because of the success of this project, Autocar reports that the Japanese automaker is now more keen to do joint ventures in the future. Previously, Toyota had worked with PSA Peugeot-Citro
Filed under: Budget , Sedan , Etc. , Government/Legal , Safety , Toyota Judge James V. Selna has warned jurors in a wrongful death suit about suspicions surrounding Toyota . According to Inside Line, the warning comes tied to the automaker’s conduct during an investigation of a 2008 Camry involved in a fatal crash allegedly caused by unintended acceleration . The single-car accident in Utah claimed the lives of the driver, Pual van Alfen, as well as one other passenger. Two passengers were also injured in the event on November 5, 2010. According to the report, two weeks later, Toyota inspected the sedan without the owner’s presence or consent, including the onboard black box . Judge Selena cautioned jurors that they should treat the testimony of Toyota personnel who participated in the investigation with “greater caution than that of other witnesses.” Plaintiffs argued that without their own lawyers present during the inspection, data from the Event Data Recorder could have been changed or deleted entirely. The Judge said that while there was no evidence that Toyota did so, the fact that the automaker failed to notify the owner of the inspection casts a “cloud of suspicion” over the examination. Judge cautions jurors over Toyota conduct in sudden acceleration case originally appeared on Autoblog on Fri, 01 Jun 2012 17:59:00 EST.