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Toyota plans biggest stock buyback in over a decade

At the end of December, 2013 Toyota had a cash stockpile of 1.8 trillion yen ($17.5B US). As of March 31, at the end of its current financial year, company coffers are expected to swallow another 1.9 trillion yen ($18.4B US) in net profit - said to be a record sum for the Japanese automaker. In a gesture signaling a turnaround from the horrors of the global recession, Bloomberg reports that Toyota will buy back 60 million shares of its stock, as much as 1.89 percent of the company, for something like 360 billion yen ($3.5B US). It's the first buyback since 2009 and the largest buyback since 2003, when it spent roughly 390 billion yen ($3.8B US) repurchasing shares.
Company president Akio Toyoda founded the Toyota Mobility Foundation (TMF), a non-profit that will support international groups working on transportation issues in emerging markets. Half of the stock that Toyota buys, 30 million shares, will be sold to the foundation via the Japanese Trustee Services Bank for one yen per share, the dividend providing the foundation's initial funding. The other 30 million shares will be canceled, a company spokesman telling Reuters that the company wants to reward shareholders.
Industry analysts have been asking Toyota to either return money to shareholders or invest in new factories, but Toyota has ruled out the latter. After getting burned with excess capacity when the financial crisis came, the company is focused on extracting efficiencies from the plants it already has. Toyota has said it plans to complete the buyback by June of this year.

Lexus NX will be produced in Canada

OTTAWA/MONTREAL — Toyota Motor Corp will build its Lexus NX luxury crossover vehicle at a Canadian plant starting in 2022, the company said on Monday, a decision that Prime Minister Justin Trudeau said demonstrated the value of the country's international trade agreements. The plant will invest hundreds of millions of dollars to produce the Lexus NX and its hybrid version at the factory in Cambridge, Ontario, "supplying the entire North American market," Trudeau said in a presentation with Fred Volf, president of Toyota's Canadian unit. Citing Canada's trade agreements with Mexico, the United States, Europe and Asia, Trudeau said: "We have preferential trade access to two-thirds of the global economy. In fact, we're the only G7 country that has free trade deals with every other G7 country." Trudeau, who faces a tough re-election contest in October, said the plans by Toyota, one of the world's largest carmakers, will help guarantee 8,000 jobs and the factory. The announcement is a "counter narrative" for Canada's automaking industry following recent bad news from other automakers, said Flavio Volpe, president of the Toronto-based Automotive Parts Manufacturers' Association, especially in the province of Ontario. Fiat Chrysler Automobiles NV said in March it would cut a shift at its Windsor assembly plant, leading to 1,500 job losses, and General Motors said last year it would shut its Oshawa factory by the end of 2019. Plans to assemble the NX in Canada "means that Toyota's Canadian manufacturing operations are here to stay," Volf said, adding that the cars are "the most technologically advanced and the most in-demand cars in the Toyota-Lexus global lineup." On Sunday, Trudeau hosted Japanese Prime Minister Shinzo Abe in Ottawa. Both touted the benefits of a Pacific trade deal that U.S. President Donald Trump walked away from. Trudeau said he had discussed the project to build the Lexus NX in Canada with Chief Executive Akio Toyoda on April 1. "When we last chatted just a few weeks ago, we discussed the potential of this new Lexus mandate," Trudeau said.

CARB uses tricked-out RAV4 EV to measure air pollution in California

The old-school Toyota RAV4 EV you see above is the California Air Resources Board's version of a non-participant observer. The all-electric vehicle cruises around the state measuring airborne pollution. Since it's powered by batteries, there are no tailpipe emissions created as CARB tries to get a handle on how dirty the roadway air is. The problem, CARB says, is that it is difficult to measure air pollution levels, "during calm conditions at night and in the early morning." There are over 250 stationary air monitoring sites in California today, but the Board wanted a way to expand where and when it can test for things like ultrafine particles, carbon dioxide and nox. The original plan for the Mobile Monitoring Platform – as the RAV4 EV is officially called – was to "Investigate Spatial, Diurnal and Seasonal Pollution Gradients" on California's highways and ports. The RAV4 EV was originally expected to cost $280,000 (see pages 11-12 in this PDF from 2009), but a new report in the Modesto Bee says it had a total of $300,000 just in monitoring equipment. Michael Benjamin, CARB's chief of air monitoring, told the Bee that the MMP, "paints a thorough picture about what air quality is in any given community." More importantly, the stationary and mobile testing equipment can tell CARB when and where the air is getting cleaner. Which is the whole point, after all.