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Stock Market & Financial Investment News

News Breaks
December 27, 2012
05:37 EDTTMToyota announces $1.1B economic loss settlement for recalls
Toyota Motor North America announced an agreement to resolve economic loss litigation in the U.S. related to previous recalls. If this economic loss settlement is approved, Toyota will launch a new customer-support program that will provide prospective supplemental coverage for certain vehicle components and will retrofit additional non-hybrid vehicle models subject to the floor mat recall with a free brake override system to provide an added measure of confidence. Toyota will offer cash payments to eligible customers who sold or turned-in their leased vehicles in a period during 2009-2010, as well as other specified persons, and to eligible current owners and lessees who will not be offered a free brake override system. Toyota announced that it will take a one-time, $1.1B pre-tax charge against earnings to cover the estimated costs of the economic loss settlement and possible resolution costs of civil litigation brought in California by the District Attorney of Orange County and an investigation by a multi-state group of Attorneys General stemming from previous recalls.
News For TM From The Last 14 Days
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September 22, 2014
12:59 EDTTMToyota to use aluminum for Camry hood, Automotive News says
Toyota Motor (TM) looks set to begin using aluminum instead of steel to build the hood of its widely popular Camry vehicle, according to Automotive News. The change will begin in 2018, the website quoted an unnamed source as saying, Alcoa (AA) mines aluminum. Reference Link
September 18, 2014
15:07 EDTTMHonda to price upcoming fuel cell vehicle similar to Toyota, Nikkei reports
Honda's (HMC) upcoming fuel cell vehicle will be priced similar to Toyota's (TM), with a range of approximately $63,000-$73,000, Nikkei says. Both companies will be relying on government subsidies to give consumers an incentive to purchase the new vehicles. Reference Link
13:05 EDTTMToyota announces recall of 20K vehicles, model years 2014, 2015
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September 17, 2014
07:37 EDTTMEU car registrations up 2.1% in August, up 5.6% in July
The European Automobile Manufacturers Association reported new passenger car registrations were up by 5.6% in July and by 2.1% in August. Eight months into the year, demand for new cars amounted to 8,336,159 units, or 6.0% more than in the same period last year, the group noted. Publicly traded automakers include Fiat (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY).
September 16, 2014
15:43 EDTTMCFPB to propose auto-lending supervision, WSJ says
The Consumer Financial Protection Bureau plans to propose supervising the largest nonbank auto lenders in a step that may impact the auto finance units of Toyota (TM), Ford (F), Honda (HMC) and Nissan (NSANY), says the Wall Street Journal, citing people familiar with the matter. Reference Link
07:26 EDTTMUltima Media to hold a conference
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07:08 EDTTMToyota Lexus unit questioned regarding parts pricing, Reuters says
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06:30 EDTTMNHTSA chief calls for 'new normal' for recalls, Detroit News reports
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September 15, 2014
19:15 EDTTMToyota reconsiders expansion in Mexico to review growth strategy, Reuters says
Toyota is reconsidering plans to open a new assembly plant in Mexico after company president Akio Toyoda told planners looking for a site to stop and review its rationale, Reuters reports, citing executives familiar with the matter. A final decision on the expansion into Mexico is unlikely before the start of 2015, and Toyota will probably go ahead with the plant on a smaller scale than originally planned or construction may be delayed, executives added. Reference Link
11:21 EDTTMToyota recalls 2008-2014 FJ Cruisers, Tacomas due to incorrect tire placard
Toyota is recalling certain model year 2008-2014 FJ Cruiser and Tacoma vehicles equipped with accessory wheels and tires installed by Toyota or dealers prior to the vehicle's first sale. The affected vehicles may list incorrect spare tire size and/or cold tire inflation information on the tire placard. As such, these vehicles fail to comply with Federal Motor Vehicle Safety Standard No. 110, "Tire Selection and Rims for Passenger Cars." If the spare tire is inflated to the incorrect pressure provided on the placard, tire failure may occur while it is being driven on, increasing the risk of a crash. For the involved vehicles, overlay stickers to correct the tire placard will either be mailed to owners or provided to dealers for placement over the incorrect information on the placard. The recall is expected to begin in September. Reference Link
10:04 EDTTMMobileye ongoing work with Toyota has not changed, says Morgan Stanley
06:17 EDTTMMobileye estimates not impacted by Toshiba story, says Deutsche Bank
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September 12, 2014
16:20 EDTTMOn The Fly: Closing Wrap
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14:16 EDTTMToyota news doesn't affect Mobileye near-term growth potential, says Wells Fargo
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14:01 EDTTMMobileye sinks after report says Toyota likely to use competitor
Shares of Mobileye (MBLY) are falling after the Nikkei newspaper reported today that Toshiba (TOSBF) is going to make many system chips for automatic driver-assist systems, or ADAS. Toyota (TM) will likely incorporate the chips into vehicles it will release in fiscal year 2015, the newspaper added. Mobileye designs software and chips for camera-based advanced ADAS. WHAT'S NEW: Toshiba plans to begin mass producing the ADAS chips - which will analyze images to help cars respond correctly to traffic lights and avoid dangers on the road - in 2015, Nikkei reported. The chips will be placed in safety systems by another company, Denso, before they are shipped to Toyota, Nikkei noted. WHAT'S NOTABLE: On September 9, Citigroup raised its price target on Mobileye to $62 from $48, as the firm was more confident about the company's chances of landing Toyota as a client after attending the first day of the ITS World Congress. Although Toyota is one of the few large auto makers not utilizing Mobileye's technology, the Japanese giant does recognize Mobileye's distinct technological advantages and expects to obtain ADAS components from more suppliers over the medium term, according to the firm, which kept a Buy rating on Mobileye. However, Deutsche Bank expressed some caution on the stock earlier this week when it downgraded the shares on valuation concerns. But the firm said that it continued to be upbeat about the company's long-term prospects. PRICE ACTION: In mid-afternoon trading, Mobileye slumped $2, or 4%, to $52. The shares debuted on August 12 at about $32.
13:11 EDTTMToshiba to supply chips for Toyota driver-assistance systems, Nikkei says
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September 11, 2014
15:14 EDTTMToyota says no new or pending projects with Tesla, WSJ reports
After a question about Tesla Motors' (TSLA) soon-to-end deal to supply batteries and drive systems to Toyota (TM) for an electric RAV4 was posed to Tesla CEO Musk, the executive said earlier this week that his company may reach a new partnership with the Japanese company in the next two or three years, but Toyota’s chief U.S. spokeswoman has now told The Wall Street Journal that its RAV4 EV project with Tesla has been "mutually beneficial" but that the companies "currently have no new, or pending projects under discussion.” Reference Link
13:30 EDTTMToyota to recall 130,000 Tundra pickups due to air bag problem
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September 10, 2014
15:27 EDTTMToyota searching for Mexico assembly plant site, Bloomberg reports
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09:17 EDTTMChina mulls easing car dealer restrictions, Bloomberg says
China's Ministry of Commerce is considering whether to ease rules on car dealers and allow them to sell vehicles from multiple brands in the same store, according to Bloomberg, citing people familiar with the matter. Note that both Bitauto (BITA) and Autohome (ATHM), which operate automobile buyer focused websites in China, were down significantly during yesterday's trading, though it is unclear if the reported new regulations play a role in their share weakness. Publicly traded carmakers include Fiat (FIATY), Ford (F), General Motors (GM), Honda (HMC), Nissan (NSANY), Toyota (TM) and Volkswagen (VLKAY). Reference Link

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