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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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November 25, 2015
08:37 EDTTMToyota to recall Takata air bag inflators previously ruled safe, NY Times says
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06:29 EDTTMTakata manipulated air bag testing data as early as 2000, NY Times reports
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05:58 EDTTMToyota recalls 1.6M cars after Nissan air bag injury, Bloomberg reports
Toyota (TM) reissued a recall for 1.6M cars in Japan over Takata air bags, reports Bloomberg. The recall comes after a component that was deemed safe in a Nissan (NSANY) vehicle ended up injuring a passenger last month. Reference Link
November 23, 2015
10:37 EDTTMFord no longer using Takata air bag inflators in future cars, AP reports
Ford (F) will stop using air bag inflators manufactured by Takata (TKTDY) in future vehicles, the Associated Press reports. The company joins Honda (HMC), Toyota (TM), and Nissan (NSANY) in choosing not to put the inflators in vehicles currently under development, the report says. Reference Link
November 18, 2015
09:32 EDTTMThe House Oversight & Government Reform Committee to hold a hearing
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06:32 EDTTMToyota's Mirai gaining traction in California, Reuters says
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