2003 Toyota 4runner Limited on 2040-cars

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Toyota's $1.6B unintended acceleration settlement approved

Toyota is now one step closer to putting its unintended acceleration woes behind it as it has received approval from the US District Court for the Central District of California to settle loss-of-value claims to vehicles associated with the 2009-2010 recalls.
As we reported back in May, the Toyota settlement is worth $1.63 billion, which, according to Bloomberg, includes a payout of $757 million to affected owners, $227 million to attorneys and an additional $875 million for vehicle upgrades. (We did the math, too, and that totals $1.859 billion, but there is no justification for the discrepancy. Fuzzy math, eh?)
Based on the estimated 22.6 million vehicles said to be included in this suit, that would make the average payment about $33.49 per vehicle, but the article says that owners, lessees and even renters will receive varying amounts ranging from $9.74 up to as much as $10,000. This settlement does not affect suits filed for personal injury or wrongful death.

Canada names former Toyota exec as new car czar

The governments of the Canada and the province of Ontario have jointly named a new car czar to advise them on how to attract more business from the automotive industry. Automotive News reports that the new role will fall to Ray Tanguay (pictured above at center), an Ontario native who used to head Toyota's Canadian operations and currently chairs the Canadian Automotive Partnership Council. In announcing the appointment, the Canadian federal minister of industry and the Ontario provincial economic minister highlighted the roles played by their governments in bailing out General Motors and Chrysler during the financial crisis, and their country's place in the North American automotive industry. The announcement was made against the backdrop of a shifting industry, however, which has been growing in the southern United States and in Mexico, but has been shrinking by contrast in Canada. With the Canadian dollar and labor costs both rising, automakers have been closing and downsizing their plants in the country. AN points out that the only new plant built in Canada in the past two decades was the Toyota facility in Woodstock, Ontario – which Tanguay spearheaded. News Source: Automotive News - sub. req.Image Credit: Rogelio V. Solis/AP Government/Legal Hirings/Firings/Layoffs Plants/Manufacturing Toyota car czar

Audi, Toyota land on MIT's list of 50 Most Disruptive Companies

MIT Technology Review, a magazine all about innovation, has announced its list of the 50 most disruptive companies in 2013, and both Audi and Toyota made the cut. While the term "most disruptive" may carry a negative connotation in most uses (especially in the classroom), the acknowledgement in this case is an accolade, signifying that the company is at the forefront of its industry. In a nutshell, a disruptive company is a business whose innovations force other businesses to alter their strategic direction.
Audi made the list for "pushing autonomous cars closer to fruition with a laser-scanning road detector that fits in a vehicle's front grille," and Toyota for "expanding its dominance of the hybrid-car market with its new plug-in version of the Prius." Click on the image above to be taken to the original graphic at MIT Technology Review, where clickable colored squares reveal information about each of the 50 winners, compiled from a variety of industries.