Monday, December 23

Tag: Toyota

Recall: Toyota shares slide on safety scandal at Daihatsu, recall of vehicles
21Dec By adminNo Comments
Business

Recall: Toyota shares slide on safety scandal at Daihatsu, recall of vehicles

TOKYO: Toyota Motor shares slumped on Thursday as Japan's transport ministry inspected a subsidiary over safety concerns dating back decades and as the world's top-selling automaker separately also announced a recall of 1.1 million vehicles. Shares in Japan's biggest automaker were down 3.8% by the end of morning trading. A day earlier, Toyota's small-car unit Daihatsu Motor said it would halt shipments of all of its vehicles for an indefinite period after discovering more safety-inspection irregularities. Daihatsu said that an independent committee had found issues involving 64 models, including almost two dozen sold under Toyota's brand. The panel had been investigating the unlisted car maker after it said in April that it had rigged side-collision safety tests carried out for 88,000 sm...
Read More
UAW begins drive to unionize workers at Tesla, Toyota and other non-unionized automakers
30Nov By adminNo Comments
Money

UAW begins drive to unionize workers at Tesla, Toyota and other non-unionized automakers

The United Auto Workers union said its next target is to unionize factory workers at Lucid, Rivian, Tesla and 10 foreign automakers, a move that comes after it garnered new employment contracts from Detroit's Big Three automakers.BMW, Honda, Hyundai, Nissan, Mazda, Mercedes, Subaru, Toyota, Volkswagen and Volvo are based overseas but all have manufacturing operations in the U.S. Because these companies have brought in billions of dollars in profit over the past decade, their hourly factory workers deserve to make more money, UAW President Shawn Fain said in a video Wednesday.Also on the union's list are U.S. factories run by electric vehicle sales leader Tesla, as well as EV startups Rivian and Lucid. All three are U.S.-based companies. "To all the auto...
Read More
Toyota’s lending unit stuck drivers with extra costs and “knowingly tarnished” their credit reports
21Nov By adminNo Comments
Money

Toyota’s lending unit stuck drivers with extra costs and “knowingly tarnished” their credit reports

The auto lending arm of Japanese automaker Toyota illegally added insurance products on car loans, then purposely made removing those policies difficult for thousands of borrowers, a federal consumer watchdog agency said Monday.  The Consumer Financial Protection Bureau (CFPB) also accused Toyota Motor Credit Corporation of taking too long to issue refunds for those insurance lines once customers cancelled them. As a result, Toyota has agreed to pay a $60 million fine, $48 million of which will go directly to customers.  Employees at Toyota dealerships often tacked on guaranteed asset protection and credit life and accidental health insurance policies, which added between $700 and $2,500 extra to each auto loan, CFPB officials said. Employees lied about those insurance products being mand...
Read More
Toyota unit to pay $60 million for illegal lending, credit reporting misconduct
20Nov By adminNo Comments
Business

Toyota unit to pay $60 million for illegal lending, credit reporting misconduct

A US regulator on Monday ordered Toyota's US-based auto financing unit to pay $60 million in fines and restitution for operating an illegal scheme to prevent borrowers from canceling product bundles that increased their monthly car loan payments. The Consumer Financial Protection Bureau said Toyota Motor Credit will pay a $12 million civil fine, and $48 million to harmed consumers. !(function(f, b, e, v, n, t, s) { function loadFBEvents(isFBCampaignActive) { if (!isFBCampaignActive) { return; } (function(f, b, e, v, n, t, s) { if (f.fbq) return; n = f.fbq = function() { n.callMethod ? n.callMethod(...arguments) : n.queue.push(arguments); }; if (!f._fbq) f._fbq = n; n.push = n; n.loaded = !0; n....
Read More
Hyundai, Honda and Toyota have all raised worker pay since UAW strike ended
14Nov By adminNo Comments
Money

Hyundai, Honda and Toyota have all raised worker pay since UAW strike ended

Hyundai said Monday it will raise hourly pay for the South Korean automaker's employees in the U.S., upping wages just weeks after the United Auto Workers union struck new labor contract agreements with Detroit's Big 3 car manufacturers.By 2028, employees in Hyundai plants in Montgomery, Alabama, and Ellabell, Georgia, will see their hourly wages raised by a total of 25%, according to the company. That matches the wage increase UAW members are slated to receive from Ford, General Motors and Stellantis. Earlier this month, Toyota said it would lift factory hourly wage between 9% and 10% starting in January, while Honda announced an 11% wage. The Japanese car manufacturers also reduced the time it takes for a starting employee to reach the top pay rate, matching or coming close to the time ...
Read More
Some pickup trucks fail to protect passengers in the rear seat, study finds
8Nov By adminNo Comments
Money

Some pickup trucks fail to protect passengers in the rear seat, study finds

Four popular pickup trucks do a poor job of protecting back-seat passengers in some crashes, according to the Insurance Institute for Highway Safety.For the 2023 model year, the Chevrolet Silverado 1500 crew cab, Ford F-150 crew cab, Ram 1500 crew cab and Toyota Tundra crew cab all fell short in expanded tests conducted by the organization that assesses the impact of accidents on people seated in the rear when vehicles are struck from the side or front. IIHS expanded the testing after research found that the risk of fatal injuries in newer vehicles is now greater for people in the second row than for those in the front. The front seat has gotten safer because of improvements in air bag and seat belts, which typically aren't available in back.  But restr...
Read More
Toyota recalls nearly 1.9 million RAV4 SUVs in the U.S. over fire risk
2Nov By adminNo Comments
Money

Toyota recalls nearly 1.9 million RAV4 SUVs in the U.S. over fire risk

Toyota is recalling roughly 1.9 million RAV4 sport utility vehicles in the U.S. because the batteries can shift during sharp turns and potentially cause a fire.The recall, which Toyota announced Wednesday, affects certain RAV4s from the 2013 through 2018 model years. The Japanese automaker said in a statement that some replacement 12-volt batteries used in the SUVs have smaller top dimensions than others. If the hold-down clamp is not tightened properly, the battery could move, allowing the positive terminal to contact the clamp and short circuit, increasing the risk of a fire, the company said.Toyota said it is still preparing a fix. When the remedy is ready, dealers will replace the hold-down clamp, battery tray and positive terminal cover with improved ones. The compa...
Read More
EV Mania Hasn’t Killed Hunger for Hybrid Trucks
13Sep By adminNo Comments
Technology

EV Mania Hasn’t Killed Hunger for Hybrid Trucks

This may not be great news for the climate. A person who swaps a gas truck for a hybrid one will reduce their emissions. An analysis of 2020 pickup trucks found that a hybrid truck emits almost 30 percent less greenhouse gas over its lifetime than a solely gas-powered counterpart. But global climate goals generally require not only fully electrifying most driving but also driving significantly less. In the short term, hybrids may help car companies meet more stringent emissions regulations. But ultimately, “the hybrid is a gas car,” says Gil Tal, who directs the Electric Vehicle Research Center at UC Davis. Moving more people into battery electric vehicles and hybrids that plug in should be the goal, he says.Right now, though, the hybrid truck push is rooted in recognition that many car b...
Read More