Filed under: Government/Legal , Japan , Plants/Manufacturing , Chrysler , Ford , GM , Toyota Nine Japanese suppliers have pleaded guilty in US court over charges of price fixing in the automotive parts industry, resulting in the Department of Justice doling out a total of $740 million of fines, according to a report from Bloomberg . The scandal, which has resulted in General Motors , Ford , Toyota and Chrysler spending up to $5 billion on inflated parts and driving up prices on 25 million vehicles has sent the DoJ hustling into investigations. “The conduct this investigation uncovered involved more than a dozen separate conspiracies aimed at the U.S. economy,” Attorney General Eric Holder (pictured above) said during yesterday’s press conference. As the investigation stands, the DoJ has issued $1.6 billion in fines against 20 companies and 21 individual executives, with 17 of the execs headed to prison. Deputy Assistant Attorney General Scott Hammond said, “The breadth of the conspiracies brought to light today are as egregious as they are pervasive. They involve more than a dozen separate conspiracies operating independently but all sharing in common that they targeted US automotive manufacturers.” Big-name suppliers indicted in the investigation include Mitsubishi Electric, Mitsubishi Heavy Industries, Hitachi Automotive and Mitsuba Corporation. A list of fines and other corporations named in the investigation is available at Bloomberg . DoJ fines Japanese parts firms $740M in massive automotive price-fixing scandal originally appeared on Autoblog on Fri, 27 Sep 2013 18:31:00 EST. Please see our terms for use of feeds .
Toyota, Nissan, Honda and Mitsubishi Agree to Joint Development of Charging Infrastructure for PHVs, PHEVs and EVs in Japan
TOKYO, Japan (July 29, 2013) — Toyota Motor Corporation, Nissan Motor Co., Ltd., Honda Motor Co., Ltd., and Mitsubishi Motors Corporation jointly announced their agreement to work together to promote the installation of chargers for electricpowered vehicles (PHVs, PHEVs, EVs*) and build a charging network service that offers more convenience to drivers in Japan.
Filed under: Car Buying , Chevrolet , Ford , Mitsubishi , Toyota , Volvo , Earnings/Financials We all remember the financial crisis that began several years back. At its core was a splurge of subprime lending for housing loans. The housing bubble burst, triggering a collapse of the mortgage-backed securities market. Apparently, those types of loans still exist in the automotive industry, and the market share for these types of “nonprime, subprime, and deep subprime,” loans has grown 13.6 percent compared to the third quarter a year ago. According to an Automotive News report, high-risk lending expanded to 24.8 percent of total loans in Q3, up from 21.9 percent for this time last year. As this level increased, average credit scores of borrowers dropped to 755, down from 763 a year ago. In that time, the average financing amount increased $90 per vehicle, to $25,963. At 818, Volvo maintains the highest per-owner credit score, while Mitsubishi has the lowest, at 694. The highest rate of borrowers was at Toyota , with 14 percent of the market, followed by Ford with 13.1 percent and Chevrolet at 11.1. Part of the growth in lending is the willingness to offer longer-term loans.
Filed under: Etc. , Honda , Mazda , Mitsubishi , Nissan , Toyota During a meeting of the Japan Automobile Manufacturers Association, Toyota president Akio Toyoda offered a ” Chapeau! ” to his fellow CEOs by listing his favorite cars from other makers. He listed just one vehicle from five makers represented on the board, in alphabetical order: the Honda NSX , Isuzu Bellett, Mazda Cosmo, Mitsubishi Pajero (our Montero ) and Nissan Skyline. Toyoda didn’t give his reasons for choosing these car beyond each being “memorable.” Even so, going through the list any car enthusiast knows the Honda ( Acura in the States) NSX needs no introduction nor explanation. The Mitsubishi Pajero is probably as well known for it’s off-road excellence as it is for its name change in Spanish-speaking lands due to the word “pajero” – all the more intriguing when it’s apparently named after an Argentine cat, Leopardus pajeros . And although the “Skyline” moniker was made famous overseas by the GT-R , the Nissan Skyline that Toyoda references has a long history and is our Infiniti G . The Mazda Cosmo (pictured) was an Italian-esque little coupe produced from 1967 to 1995, the first series production vehicle with a two-rotor rotary engine. The Isuzu Bellett was that firm’s in-house replacement for the English Hillmans it was rebranding, the first Japanese car to get GT badging (it would also get a GT-R version), and it would cover just about every segment with sedan, coupe, station wagon and pickup truck variants. Toyota CEO lists favorite cars from other automakers originally appeared on Autoblog on Mon, 21 May 2012 17:35:00 EST. Please see our terms for use of feeds .
Filed under: BMW , Ford , GM , Honda , Hyundai , Mercedes-Benz , Mitsubishi , Nissan , Toyota , Volkswagen Forbes has measured the largest 100 companies in the world, and 10 automakers have made the list. This list is unique in that it measures the size of a company using a combination of sales, assets, profits and market value. Volkswagen was rated as the top automaker in the top 100 (number 17 overall), with sales of $221 billion and $21.5 billion in profit. Toyota finished a close second, ranked number 25 overall with sales of $228.5 billion. Daimler finished at 37 due in part to $188.7 billion in assets and a $66.3 billion market cap. Ford came in at 44 with a market value of $47.5 billion. Honda , which also sells motorcycles and generators, among other things, rounds out the top five with $137.7 billion in assets. Finishing outside of the top five were BMW (61), General Motors (63), Nissan (85), Mitsubishi (95) and Hyundai (96). Mitsubishi made the top 100 in part because it sells hoards of electronics around the world. No automakers were able to crack the top 10, even with massive sales volume and solid profits.
Filed under: Japan , Plants/Manufacturing , Honda , Mitsubishi , Nissan , Toyota As if the country of Japan has had enough to deal with over the last several months, the country is now facing a powerful typhoon with winds reaching up to 130 miles per hour. Tokyo Electric Power reports that 575,500 households are without power already, and that number could certainly climb. Japanese automakers are bracing for Typhoon Roke as well. According to reports, Toyota , Honda , Nissan and Mitsubishi have all closed down plants or cancelled shifts at facilities affected by the storm. This is the second typhoon to hit Japan so far this year, and the country averages between two and four of the storms every year. In other words, this may not be the last weather-related outage you hear about from Japanese automakers in 2011. Japanese automakers close plants as Typhoon Roke bears down originally appeared on Autoblog on Thu, 22 Sep 2011 09:30:00 EST. Please see our terms for use of feeds . Permalink