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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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June 29, 2015
14:57 EDTTMTakata asks carmakers to delay price cut requests, Nikkei says
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June 25, 2015
10:01 EDTTMTrueCar Tprjects retail auto sales to consumers up 7.9% in June
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07:01 EDTTMToyota, Nissan expanding air bag recalls worldwide, Reuters reports
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June 24, 2015
17:57 EDTTMWall Street applauds Senate giving go-ahead for 'fast track' trade powers
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June 23, 2015
10:57 EDTTMReport: Toyota offices raided by police, Globe and Mail says
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June 22, 2015
06:08 EDTTMGeneral Motors to add over 243,000 hatcbacks to air bag recall, AP reports
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June 19, 2015
10:50 EDTTMEPA proposes new rules for medium- and heavy-duty truck emissions
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06:04 EDTTMToyota CEO to stand by arrested US executive Julie Hamp, Financial Times says
Toyota CEO Akio Toyoda apologized for the arrest of the company's first female western senior executive although it vowed to stand by her for now, reports the Financial Times. Toyoda commented, "Julie Hamp is an invaluable colleague... What I can do now is to believe in my colleague and co-operate fully with the investigation." Hamp was arrested on suspicion of illegally importing a prescription drug from the U.S. Reference Link
June 17, 2015
13:05 EDTTMJ.D. Power: Japanese auto brands struggle to keep up with pace of improvement
With a significant year-over-year improvement, Korean brands continue to widen the quality gap with other automakers, while Japanese makes collectively fall below industry average for the first time in 29 years, according to the J.D. Power 2015 U.S. Initial Quality StudySM released today. Korean brands lead the industry in initial quality by the widest margin ever, averaging 90 PP100, which is an 11 PP100 improvement from 2014. For the first time in the study, European brands surpass Japanese brands, while domestic makes equal the Japanese for only a second time. Porsche (POAHY) ranks highest in initial quality for a third consecutive year, posting a score of 80 PP100. With a 20 PP100 improvement from 2014, Kia follows Porsche in the rankings at 86 PP100. This marks the first time in the history of the study that Kia has led all non-premium makes in initial quality. Jaguar (TTM), Hyundai (HYMLF) and Infiniti (NSANY) round out the top five nameplates. Infiniti is one of the most improved brands in the study, lowering its problem score by 31 PP100 from 2014. Reference Link
June 16, 2015
13:04 EDTTMToyota expands airbag recall by 1.365M vehicles
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