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4 automakers agree to $553M settlement of Takata airbag claims

WASHINGTON (Reuters) - Four automakers agreed to a $553 million settlement to address class-action economic loss claims covering owners of nearly 16 million vehicles with potentially defective Takata airbag inflators, according to court documents filed on Thursday. Toyota's share of the settlement costs is $278.5 million, followed by BMW at $131 million, Mazda at $76 million and Subaru at $68 million. According to a press release from Plaintiffs' Committee for Takata Airbag Product Liability Litigation, the funds for the settlement are aimed at getting more cars with faulty airbags fixed. At the time of writing, Toyota had the greatest recall completion percentage of 31.89 percent followed by Subaru with 31.37 percent. Mazda has completed repairs on 18.16 percent of affected cars, and BMW brings up the rear with 16.48 percent completion. Some settlement funds will go to an outreach campaign to increase awareness, while other funds will be used to reimburse people for any costs accrued to get their cars fixed. These costs can include rental cars, child care, lost wages, or any other reasonable costs associated with bringing in a vehicle for repairs. Furthermore, a customer support program will be funded with settlement money to handle any additional repairs or adjustments that could become necessary in the 75,000 miles following the airbag replacement. Lawsuits against Honda, Ford and Nissan have not been settled, lawyers said. Takata inflators, which can explode with excessive force and unleash metal shrapnel inside cars and trucks, are blamed for at least 16 deaths and more than 180 injuries worldwide. The safety defect has prompted recalls worldwide of about 100 million inflators by more than a dozen major automakers. Reporting by David Shepardson, additional details by Autoblog's Joel StocksdaleRelated Video: Government/Legal BMW Mazda Subaru Toyota

VW was 2018's top-selling automaker — but

TOKYO — Volkswagen Group has held on to its position as the world's top-selling automaker for the fifth year in a row, although the German group was edged out again by the Renault-Nissan-Mitsubishi alliance in the light-duty vehicles segment. Renault SA, Nissan Motor Co Ltd and Mitsubishi Motors Corp together sold 10.76 million passenger cars and light commercial vehicles in 2018, according to Reuters' calculations after new data released on Wednesday. The group doesn't sell heavy trucks. Nissan said on Wednesday it sold 5.65 million vehicles last year, down 2.8 percent on the year. Mitsubishi reported an 18 percent rise in sales to 1.22 million units while Renault sold 3.88 million units, up 3.2 percent on the year. Volkswagen's deliveries rose 0.9 percent to a record 10.83 million last year, including its MAN and Scania heavy trucks, the German company said earlier this month. Excluding heavy trucks, it sold 10.6 million units. Toyota Motor Corp retained its third spot, announcing on Wednesday that it had sold 10.59 million vehicles last year including its Toyota and Lexus brands, along with minicars made by subsidiary Daihatsu and light and heavy trucks produced by its truck division Hino Motors Ltd. Excluding Hino trucks, Toyota sold 10.39 million units last year. The automaker has said it expects to sell a total of 10.76 million vehicles in 2019. Many automakers are trying to boost sales volumes to achieve economies of scale and reduce costs amid soaring investments needed to develop next-generation technologies, including self-driving cars and electric vehicles. This has been a focus of the Renault-Nissan-Mitsubishi Motors group, which is looking to share more vehicle parts and consolidate production platforms to trim R&D and manufacturing costs, while raising profitability. The alliance, which brought Mitsubishi Motors into its fold in 2016, is currently in crisis with its former Chairman Carlos Ghosn arrested and indicted on charges of misconduct. Nissan has also been indicted, and Renault appointed new top management last week. Related Video: Earnings/Financials Mitsubishi Nissan Toyota Volkswagen

Toyota will build new SUV at Alabama plant it's building with Mazda

WASHINGTON — Toyota Motor Corp said Wednesday it will build a new sport utility vehicle at its $1.6 billion joint venture assembly plant in Alabama rather than produce Corolla cars. The largest Japanese automaker announced in January 2018 it would build the factory in Alabama in a joint venture with Mazda. Toyota said the shift is due to "a growing consumer appetite for light trucks and SUVs." Mazda announced in February 2019 that it would build a new SUV at the plant. Toyota said it still expects the plan to start production in 2021. Construction remains on schedule, and hiring has begun. The plant could create up to 4,000 new jobs and build 300,000 vehicles annually. Corolla production will remain at Toyota's plant in Blue Springs, Miss.