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China fines Toyota $12.5 million over Lexus price-fixing

BEIJING — China's market regulator on Friday has fined Japanese carmaker Toyota Motor 87.6 million yuan ($12.5 million) for price-fixing on its premium Lexus cars in eastern Jiangsu province, according to a document on its website. The decision comes as China steps up regulation over auto sales in the world's biggest vehicle market, where more than 28 million cars were sold last year. The anti-monopoly bureau of State Administration for Market Regulation said that between 2015 and 2018, the Japanese carmaker set a minimum sales and resale price for its cars in coastal Jiangsu province, which deprived dealers of pricing autonomy and harmed customers' rights. Lexus also fixed sales strategies in the region over the period, including offering customers discounts while asking them to purchase accessories at fixed prices, a sales tactic usual among individual auto dealers in China but frowned upon for carmakers. A spokesman at Toyota, Lexus' parent firm, told Reuters the firm acknowledged the penalty and respects the decision. He did not comment further. China's auto sales are declining, but Lexus' sales keep growing. It sold 180,200 vehicles in the first 11 months this year, a 21% jump from a year earlier. In June, China's market regulator imposed an 162.8 million yuan fine on Ford Motor Co's joint venture with Changan Automobile Group for violating anti-monopoly law. ($1 = 6.9927 Chinese yuan renminbi) Reporting by Yilei Sun and Norihiko Shirouzu. Related Video:

Lexus RZ 450e EV revealed, with sports car concept and more

Toyota just showed a huge number of concept cars as a preview of what it has planned for the future through 2030. Naturally, Lexus is a significant part of that, and it had its own group of vehicles to show including the production RZ 450e. Not only that, the company announced it would have a full line of electric cars with the goal of having all of its sales in North America, Europe and China be electric. By 2035, Lexus will only sell electric cars. Leading the lineup of future electric cars is the production RZ 450e. Unfortunately, no specifications were given. It looks very close to the LF-Z concept car from earlier this year, but with some of the more fiddly detailing cleaned up, and some of the character lines actually amplified. We wouldn't be surprised if it's closely related to the Toyota bZ4X under the metal. The other vehicles shown were concepts that likely preview future Lexus models. The showstopper is the Electrified Sport. It has exaggerated curves, an incredibly long nose and looks remarkable. Lexus said it should have some eye-catching performance, too. It's apparently inspired by the LFA, and should be able to reach the 60 mph mark in the low 2-second range. And speaking of range, the company estimated a range of around 435 miles, and power could potentially be supplied by solid-state batteries. The other two vehicles shown were a sedan and an SUV, simply called the Electrified Sedan and Electrified SUV. The sedan shares styling cues with the sports coupe, but naturally toned down a bit. The Electrified SUV looks like a boxier, larger version of the RZ. Proportionally, it looks like it may have three rows of seats, and it seems like it could be the next electric Lexus after the RZ. Related video: This content is hosted by a third party. To view it, please update your privacy preferences. Manage Settings.

Lexus reaches 10 million sales since its inception 30 years ago

Almost immediately after Matt Farah's famed second-generation LS400 became the million-mile Lexus, the Japanese luxury brand is celebrating another major milestone: Lexus has now sold 10 million vehicles globally. The Toyota luxury division, whose first car debuted 30 years ago at the 1989 North American International Auto Show in Detroit, famously pursued "perfection" when it came to build quality and ownership experience. The smooth, V8-engined LS400 was quickly followed by smaller additions to the lineup, and in the time Lexus has been around, it has sold a wide range of vehicles, from the Camry-related ES line and Land Cruiser-related SUVs to the LFA supercar. While the LS was sold in Japan as the Toyota Celsior, the ES as the Toyota Windom and the IS as the Toyota Altezza, not all Lexus models have had a Toyota-badged equivalent, and as Japan-market Lexus sales officially began in 2005, the corresponding Toyota model lines were ended and succeeded by their Lexus counterparts. With the RX400h SUV, Lexus introduced its first hybrid model in 2005. Since then, Lexus says it's sold 1.45 million hybrid vehicles, and it currently has 11 hybrid models on offer around the world. With 698,330 global vehicle sales in 2018 constituted a 4.5 percent increase from 2017, hybrid sales jumped nearly 20 percent for Lexus in that time. 2018 marked the company's best-ever global sales. Related Video: