AP - Toyota Motor Corp., which built its reputation in the U.S. on safety and reliability, has been cleared by the government of electronic problems in its vehicles. Now it needs to convince consumers that it has put its safety recalls in the rear view mirror.
[AP] - Toyota Motor Corp., which built its reputation in the U.S. on safety and reliability, has been cleared by the government of electronic problems in its vehicles. Now it needs to convince consumers that it has put its safety recalls in the rear view mirror.
WASHINGTON — The U.S. government announced a US$1.2 billion settlement with Toyota Motor Corp. on Wednesday and filed a criminal charge alleging the company defrauded consumers by issuing misleading statements about safety issues in Toyota and Lexus vehicles.
Attorney General Eric Holder said it is the largest financial penalty of its kind ever imposed on an auto company. Under a deferred prosecution agreement, an independent monitor will review policies, practices and procedures at the company.
After a record 40 million recalls in the first half of this year, automakers are realizing they need safety advocates on their senior management teams. But consumer champion Ralph Nader says the new safety roles aren’t good enough.
Chrysler Group LLC announced Tuesday that it will establish a new office of Vehicle Safety and Regulatory Compliance whose head, Scott Kunselman, will report directly to CEO Sergio Marchionne.
MARKHAM, Ont. — Four Japanese automakers including Toyota Motor Corp, and Nissan Motor Co are recalling 3.4 million vehicles sold around the world because airbags supplied by Takata Corp are at risk of catching fire or injuring passengers.
Honda is recalling 1.1 million vehicles, including more than 107,000 in Canada, and Toyota is recalling 1.7 million vehicles, including some 580,000 in North America.
DETROIT/NEW YORK, Dec 27 (Reuters) - Toyota Motor Corp eliminated a huge obstacle with a U.S. settlement over unintended acceleration in its cars and trucks, leaving it to fight smaller cases that will be harder for plaintiffs to prove and less likely to damage the company's growing sales.
Toyota said it had agreed to pay about $1.1 billion to settle a class action lawsuit launched by US vehicle owners affected by a series of mass recalls from the Japanese automaker. Toyota did not accept any blame but agreed to compensate owners who argued that the value of about 16.3 million vehicles took a hit from dozens of deadly accidents allegedly caused by Toyota vehicles speeding out of control in 2009.
Following Toyota Motor Corporation’s (ADR) (TM) move to recall 2.27 million vehicles globally earlier this month over flawed airbags supplied by Takata Corp UNSP (ADR) (TKTDY), other Japanese automakers have also joined in.
The problems seem to be piling up for the world’s largest automaker. Toyota Motor Corporation (TM) announced today that it has issued a global recall of around 6.4 million vehicles for a range of defects including faulty steering columns and issues with air-bag deployment.