Auto blog

Toyota nearing $1B settlement of unintended acceleration criminal probe

According to those all-too-nebulous "people familiar with the matter," Toyota is close to a settlement with the US federal government to end a criminal probe over its long-running unintended acceleration fiasco. Though Toyota has never admitted guilt, the deal could reportedly crest a billion dollars and would likely include a criminal deferred prosecution agreement, and while we're not legal experts, The Wall Street Journal explains that such a deal would "[force Toyota] to accept responsibility while avoiding the potentially crippling consequences of federal criminal convictions."
The report from WSJ also suggests that Toyota is facing charges that it "made false or incomplete disclosures" to various government agencies regarding possible defects to its cars. Such charges may include mail and wire fraud violations. Toyota has already paid out fines totaling $66.2 million to the National Highway Traffic Safety Administration because it failed to report safety defects in a timely manner.
This deal with the federal government is not related to the billion-dollar class-action settlement reached with Toyota owners over falling vehicle values, and it's also different from the roughly 400 lawsuits still in courts alleging personal injury of wrongful death due to cases of unintended acceleration. In other words, don't expect to hear the end of such courtroom verdicts and settlements anytime soon...

Toyota Pro/Celebrity Race Scion FR-S [w/video]

Toyota has been hosting its Pro/Celebrity race at the Toyota Grand Prix on Long Beach since 1977. The charity event, which has raised millions of dollars over the years, traditionally pits Hollywood celebrities against professional athletes (including race car drivers) on the full Grand Prix course in modified street vehicles. The short, sprint-style race is popular with the crowds as the amateur drivers race uninhibited - the result is an action-packed race with plenty of excitement and automotive... er... carnage.
Over the decades, the drivers have raced a variety of Toyota products including last year's front-wheel-drive Scion tC. But this year, Toyota announced at the Chicago Auto Show that the new rear-wheel-drive Scion FR-S would be stepping up to the plate. The good news only became better when Toyota Motorsports invited us out to Southern California's Willow Springs Raceway (the same circuit where the drivers train and practice) to be one of the first behind the wheel.
Driving Notes:

Toyota passes BMW as most valuable car brand

An annual market study of the strongest brands across various industries has seen Toyota leapfrog BMW as the world's most valuable automotive brand. Toyota's 2013 brand value rose to $24.5 billion, up 12 percent versus 2012 numbers according to market research company Millward Brown's BrandZ Top 100 Most Valuable Global Brands list. BMW's value fell slightly; down by 2 percent to a total of $24 billion.
Mercedes-Benz finished in third place in the automotive category, up 11 percent from 2012 for a valuation of $18 billion. Honda ($12.4 billion, down 2 percent) and Nissan ($10.2 billion, up 3 percent) rounded out the top five for the category. Volkswagen was the only other auto brand that finished in the top 100 overall, in 100th place. Audi made the greatest percentage gain over 2012, up 18 percent to $5.5 billion, but finished outside of the top 100.
Technology companies dominated the overall list, with Apple, Google and IBM ranking one through three. Couture brand Prada was 2013's biggest gainer, rising by 63 percent over 2012.