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Honda charged another $363 million over Takata airbags

The Takata airbag recall is growing increasingly expensive for Honda. In the latest hit to the automaker's bottom line, the company is revising the expected costs of its global safety campaigns by an additional 44.8 billion yen ($363 million) after the massive expansion in May. Months ago, Honda announced that it had set aside 50 billion yen ($425 million at the time) to meet the predicted expenses. According to Automotive News, due to the rather arcane laws of accounting, these new costs will actually be applied to the fiscal year that ended on March 31, rather than the current one. Honda's revised earnings will be announced in late June. The company previously reported an operating profit of 651.7 billion yen ($5.3 billion), which was down 13 percent from the previous year. There has been no change to planned dividends for investors. In the US, Honda and Acura have a total of about 6.28 million vehicles in need of a replacement airbag inflator, and the automaker says about two million of those are already repaired. In addition to the Takata campaign, the company has faced other financial setbacks during this calendar year. For example, in early January, it received a $70 million fine from the National Highway Traffic Safety Administration for failing to report 1,729 cases of injuries or deaths over 11 years. As part of a strategy to improve quality globally, Honda cut back its global sales forecasts for the coming year, and it also decided not to make any volume predictions through 2017. To: Shareholders of Honda Motor Co., Ltd. From: Honda Motor Co., Ltd. 1-1, Minami-Aoyama 2-chome, Minato-ku, 107-8556 Tokyo Takanobu Ito President and Representative Director Notice of Events after the Reporting Period Regarding Product Warranty Expenses Honda Motor Co., Ltd. (the "Company") and its consolidated subsidiaries have been conducting market-based measures in relation to airbag inflators, such as product recalls and a Safety Improvement Campaign. Due to factors arising since May 2015 such as an expansion of the scope of these market-based measures based on an agreement between our supplier and the U.S. National Highway Traffic Safety Administration, a change has arisen in the estimate relating to product warranty expenses. The amount of product warranty expenses now expected to be incurred is 44,800 million yen.

Kayaba, Sumitomo to pay millions for price-fixing in US

Kayaba Industry Co, which does business in the US as suspension parts maker KYB, and Sumitomo Electric Industries are facing payments in the millions to settle price-fixing cases about the components that they make. As part of the Department of Justice's ongoing crackdown of price fixing in the auto industry, KYB agreed to pay $62 million and pleaded guilty to conspiracy to set the cost of shock absorbers from the mid '90s through 2012. The company allegedly worked with co-conspirators to keep the cost of the parts high, and those components then made it into vehicles from Honda, Kawasaki, Nissan, Subaru, Suzuki, and Toyota. "Any collusive agreement among competitors to restrict price competition undercuts our free enterprise system and violates the law," said Carter M. Stewart, US Attorney of the Southern District of Ohio, in the DoJ's announcement. Over the past few years, the DoJ has brought cases against 37 parts suppliers and 55 executives, leading to over $2.6 billion in fines. The investigations haven't always been so successful – some of the Japanese execs fled from the US to avoid prosecution. Critics allege that price fixing is simply how business is done. According to Automotive News, Sumitomo Electric Industries is also facing a $50 million settlement in a civil lawsuit that's related to price fixing of parts like wiring harnesses and heater control panels. The plaintiffs include owners and dealers that purchased vehicles with these parts. The company asserts that the violations are from before 2010, and it now has different process in place to avoid further violations. KYB Agrees to Plead Guilty and Pay $62 Million Criminal Fine for Fixing Price of Shock Absorbers Kayaba Industry Co. Ltd., dba KYB Corporation (KYB) has agreed to plead guilty and to pay a $62 million criminal fine for its role in a conspiracy to fix the price of shock absorbers installed in cars and motorcycles sold to U.S. consumers. According to charges filed today, KYB conspired from the mid-1990s until 2012 to fix the prices of shock absorbers sold to Fuji Heavy Industries Ltd. (manufacturer of Subaru vehicles), Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd., Nissan Motor Company Ltd., Suzuki Motor Corporation and Toyota Motor Company, including their subsidiaries in the United States.

2019 Nissan Altima vs Honda Accord vs Toyota Camry: How they compare

NEW YORK — Midsize family sedans may be losing sales to small SUVs, but hundreds of thousands of the things still left dealerships last year. The 2019 Nissan Altima introduced here at the New York Auto Show replaces one of the segment's best sellers, joining a pair of other best-sellers, the Honda Accord and Toyota Camry, which were both redesigned last year. The Hyundai Sonata also received a surprisingly thorough refresh for 2018. Therefore, the segment is fresher than ever, providing car shoppers who haven't been evangelized by the mighty SUV an excellent group of choices. To help them, or you, out in that family sedan search, here's how the new 2019 Altima compares to the 2018 Honda Accord, 2018 Toyota Camry, 2018 Hyundai Sonata, and for reference, its 2018 Altima predecessor. Cue the spreadsheet! Engines and Transmissions The Altima once again has a 2.5-liter four-cylinder, but Nissan indicates that 80 percent of it is new. Regardless of its newness, it is more powerful, boasting an extra 9 hp and 3 lb-ft of torque. Frankly, that's not much compared to the Camry's and Accord's gains, which also better the new Altima. Uniquely, though, the Altima's base 2.5-liter is available with all-wheel drive – something only the Subaru Legacy offers (albeit as standard equipment). Oddly, all-wheel drive is NOT available with the Altima's bigger 2.0-liter turbo. Ah yes, that turbo engine. Gone is the familiar 3.5-liter V6, leaving Toyota as the lone V6 hold-out (again, the Legacy is another exception, albeit with a flat-6). As is typical, the Altima's new 2.0-liter turbo inline-4 produces less horsepower than its naturally aspirated predecessor, but it has considerably more torque. Its output essentially matches the Accord's new 2.0-liter. Unlike the Accord, though, every Altima has a CVT standard. The Camry and Sonata have traditional automatics – many would say they are better for it – though the Hyundai's gear count differs by engine selection. Nissan didn't release fuel economy figures for the 2019 Altima. The previous generation trailed the latest Accord and Camry by 2-3 mpg combined, according to EPA estimates. Passenger Space Nissan's surly men in suits were quite cross when we tried to get into the new Altima, so we can only comment on the interior space in spec format. As it is, the new Altima actually has less head- and legroom than before. There's more shoulder room, though, so your local linebacker will be happy.