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DoJ fines Japanese parts firms $740M in massive automotive price-fixing scandal

Nine Japanese suppliers have pleaded guilty in US court over charges of price fixing in the automotive parts industry, resulting in the Department of Justice doling out a total of $740 million of fines, according to a report from Bloomberg. The scandal, which has resulted in General Motors, Ford, Toyota and Chrysler spending up to $5 billion on inflated parts and driving up prices on 25 million vehicles has sent the DoJ hustling into investigations. "The conduct this investigation uncovered involved more than a dozen separate conspiracies aimed at the U.S. economy," Attorney General Eric Holder (pictured above) said during yesterday's press conference.
As the investigation stands, the DoJ has issued $1.6 billion in fines against 20 companies and 21 individual executives, with 17 of the execs headed to prison. Deputy Assistant Attorney General Scott Hammond said, "The breadth of the conspiracies brought to light today are as egregious as they are pervasive. They involve more than a dozen separate conspiracies operating independently but all sharing in common that they targeted US automotive manufacturers."
Big-name suppliers indicted in the investigation include Mitsubishi Electric, Mitsubishi Heavy Industries, Hitachi Automotive and Mitsuba Corporation. A list of fines and other corporations named in the investigation is available at Bloomberg.

2014 Toyota Tundra to debut at Chicago Auto Show

The fullsize pickup market is dominated by trucks from Ford, General Motors and Ram, but this segment could get some hefty competition in coming years. We've already reported that Nissan is planning a redesign of its Titan truck for 2015, and now Toyota has announced that it will be revealing the 2014 Tundra next month at the Chicago Auto Show.
In the brief press release posted below, Toyota says that the 2014 Tundra will be "redesigned," but it's unclear as to whether this means we'll be seeing an all-new truck or just an extensive refresh. The current Tundra design has been around since 2007 and sales are hardly worrisome to the Big Three, so a new design would be a logical guess.
In any case, we only have to wait a couple more weeks for the new Tundra to debut on February 7, and we'll be on hand to bring you plenty of live coverage from the show.

Toyota recalls 4,000 Tacoma pickups over valve springs

When you build as many cars and trucks as Toyota does, you're bound to run into the occasional recall. In the past month alone, the Japanese auto giant has recalled over 800,000 Camry, Avalon and Venza models over problems with the air-conditioning units, and 10,000 more before that over windshield wiper issues. Now Toyota has issued another recall notice, but this time for far fewer vehicles.
The recall revolves around the engine valve springs in the 2013 and 2014 Tacoma, specifically those fitted with the standard 2.7-liter four-cylinder engine and not the optional 4.0-liter V6. The issue is that the valve springs are prone to cracking and breaking over time, and results from improper maintenance of the manufacturing equipment used by one of the two suppliers that outfit Toyota with the components in question.
All told, some 4,000 vehicles will be subject to the voluntary recall, the owners of which will receive notice by mail. If you think that could be you and want to get a jump on the problem, you can read the announcement below and call Toyota yourself.