WASHINGTON/DETROIT (Reuters) – Toyota Motor Corp (7203.T: Quote, Profile, Research) will pay a record $1.2 billion (721.1 million pounds) to resolve a criminal probe in to safety issues, in a deal that could serve as a template for how U.S. authorities approach a similar investigation into General Motors.
The settlement between the Justice Department and Toyota includes an admission by the auto manufacturer that it misled American consumers about two different problems that caused cars to accelerate even as drivers tried to slow them down.
WASHINGTON/DETROIT, March 19 (Reuters) – Toyota Motor Corp
will pay a record $1.2 billion to resolve a criminal
investigation into its handling of consumer complaints over
safety issues, the U.S. Justice Department said on Wednesday.
Toyota admitted it misled American consumers by concealing
and making deceptive statements about two safety issues, each of
which caused a type of unintended acceleration, the Justice
(Reuters) – The U.S. Justice Department has reached a settlement of more than $1 billion with automaker Toyota Motor Corp, stemming from its handling of consumer complaints over unintended vehicle acceleration, a person briefed on the matter said.
The settlement could be announced as early as Wednesday, according to the source, who declined to be identified because the agreement was not yet public.
DETROIT (Reuters) – General Motors Co (GM.N: Quote, Profile, Research) Chief Executive Mary Barra said on Tuesday that she did not learn details about defective GM cars linked to 12 deaths until January 31, just two weeks after she took over as CEO and nearly 13 years after GM engineers first documented problems.
The automaker last month recalled more than 1.6 million cars from 2003 to 2007 to replace faulty ignition switches that could cause the engine to shut down and turn off the airbags. The first death linked to the defect occurred in Maryland in July 2005.
DETROIT (Reuters) – General Motors Co Chief Executive Mary Barra said she did not learn details about defective GM cars linked to 12 deaths until January 31, just two weeks after she was named CEO and nearly 13 years after GM engineers first documented problems.
GM last month recalled 1.6 million cars from 2003 to 2007 to replace faulty ignition switches that could cause the engine to shut down and turn off the airbags. The first death linked to the defect occurred in Maryland in July 2005.
DETROIT (Reuters) – General Motors Co announced new recalls of 1.5 million vehicles on Monday and in a virtually unprecedented public admission by a GM chief executive, Mary Barra acknowledged the company fell short in catching faulty ignition switches linked to 12 deaths.
“Something went wrong with our process in this instance, and terrible things happened,” she told employees in a video message posted online. Barra said the company is changing how it handles defect investigations and recalls.
DETROIT (Reuters) – General Motors Co announced three more recalls on Monday, related to airbag deployment and other issues, and said it would take a $300 million charge primarily to cover the costs related to these actions as well as the previous recall for faulty ignition switches.
The No. 1 U.S. automaker, which will take the charge in the first quarter, did not provide a breakdown of how much was related to the ignition-switch recall of more than 1.6 million older-model vehicles that has hurt the company’s reputation since it was announced last month.
FRANKFURT (Reuters) – The car industry’s international patent filings jumped 18 percent in 2013, the World Intellectual Property Organization (WIPO) said on Thursday, in part reflecting a push for new technologies to lower exhaust emissions.
“In line with growing investments in research and development, the automobile industry has seen a sharp increase in international patent filings over the last three years,” WIPO said in a statement.