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Toyota reaches $1.2B unintended acceleration settlement in criminal probe

UPDATE: Just like that, Toyota has released an official statement confirming its $1.2-million dollar settlement with the US Attorney's Office. Our story has been updated to reflect this development and the automaker's official statement has been added below.
Toyota has reached a settlement over the criminal probe into its unintended acceleration problems, and the outcome is more expensive than first expected. The Japanese automaker has agreed to pay $1.2 billion to close the investigation among other settlement terms. The criminal inquiry focused on whether the company kept information from regulators and how it handled drivers' complaints about the problems, according to the sources.
Between 2009 and 2010, Toyota ended up recalling over 10 million vehicles worldwide over sudden acceleration fears. Fixes include modifying floor mats, gas pedals, and installing brake override software on affected models. In addition, Toyota made the latter standard on all of its new vehicles.

Toyota celebrates 30th anniversary of Land Cruiser 70 with Japan rerelease [w/videos]

It's a common refrain among auto enthusiasts to bemoan the current models being sold for being overly complex and expensive and to wish that automakers would just make vehicles like the old days. Sure, they might not have been as safe or efficient, but there was often a certain rugged simplicity that's gone today. Well, Toyota is actually doing it and thinks there's enough demand to put the Land Cruiser 70 back into production in Japan for its 30th anniversary. Sadly, it's only for one year.
The original Land Cruiser 70 served a long life in Japan from 1984 to 2004. Even today, the proven model remains in production in some regions abroad. People in its home country still love the vehicle though, and Toyota is brushing off the mothballs to give customers what they want. For the first time ever there, it's also offering the double-cab pickup version in addition to the traditional enclosed body. The company thinks that it can move about 200 of these classic trucks this year, which isn't too shabby for a vehicle that's three decades old.
Looking at the pictures above, these look like the same old Land Cruisers, but Toyota is updating them slightly to meet modern safety rules. The grille, hood and headlights are all tweaked, and they now come with airbags and anti-lock brakes. A 4.0-liter V6 is under the hood making 228 horsepower (170 kilowatts) and 266 lb-ft of torque (360 Newton-meters), and the only available gearbox is a five-speed manual. Part-time four-wheel drive is standard. If you're really afraid of getting stuck in the wilderness, locking front and rear differentials and a winch are available as options.

Toyota Camry incentives and fleet sales cranked to keep sales crown, insiders worried

We've been watching for some time now as Toyota has piled more incentives on the hood of its Camry sedan, and Automotive News reports that the we're not the only ones with raised eyebrows. The current Camry hasn't even been on the market for two years, but the family sedan segment is more hotly contested than it has been in years. It's that high level of competition that has led the automaker to uncharacteristically add more money on the hood in order to assure it maintains its long-held title of America's Best-Selling Car, a mantle it has owned for a dozen years. It's ramping up fleet sales, too.
According to the analysts at TrueCar, Toyota has bumped incentives per unit every month this year, now totaling some $2,750 as of May, a 38-percent hike over this time last year. That's more spiff money than the segment's other best sellers, the Nissan Altima ($2,400), Ford Fusion ($2,300) and Honda Accord ($1,400), all of whom have actually decreased their incentive spend by 20- to 40-percent over the same period.
The ramp up in incentive spending and fleet sales has analysts concerned that Toyota will tarnish the Camry's historically sterling resale value. ALG pegs the 2013 Camry's current 36-month residual value at 54.4 percent, well ahead of the segment average's 50.9 percent (but shy of the Accord's 55.6 percent). However, analysts are concerned that as the current generation ages, their resale values will eventually plummet if incentives continue to increase as Toyota looks to keep the Camry's best-selling car crown going forward.