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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.

U.S. auto sales fall in July, as Detroit dials back on inventory, rental sales

DETROIT — U.S. carmakers said on Tuesday they continued to slash low-margin sales to daily rental fleets in July as General Motors, Ford and Fiat Chrysler Automobiles struggled to curb a slide in retail sales. July is on track to be the fifth straight month in which the annual pace of car and light truck sales declined from the same month a year ago, in part because of fewer fleet sales, analysts and industry executives said. July 2016 sales hit a strong 17.9-million-vehicle pace. GM said the seasonally adjusted annual sales rate fell to an estimated 16.9 million vehicles in July. At midmorning on Tuesday, GM shares were down 3.4 percent at $34.77, Ford was down 2.8 percent at $10.91, and Fiat Chrysler shares were down 0.3 percent at $12.05 in New York. GM sales dropped 15 percent from a year ago to 226,107 vehicles, as the company cut rental fleet sales more than 80 percent. The automaker said inventories of unsold vehicles at month's end were 104 days, down from 105 days at the end of June. GM has promised investors to reduce inventories to 70 days by year-end. Ford said its July sales dipped 7.5 percent to 200,212 vehicles, as it cut fleet sales more than 26 percent. Inventories fell to 77 days from 79 the previous month. Fiat Chrysler said sales dropped 10 percent to 161,477, as it also cut back sales to daily rental fleets. Among the top Japanese companies, only Toyota reported a year-to-year gain, with sales up 4 percent to 222,057 — just 4,000 units behind GM. Honda sales were down 1 percent to 150,980 — its first-quarter sales continuing to decline in North America but seeing a big increase in China. And Nissan sales fell 3 percent to 128,295. GM, Ford and Fiat Chrysler have cautioned that second-half financial results likely will be lower than first-half results, in part reflecting production cuts in North America and pricing pressures. The automakers this year have been deliberately dialing back sales to rental-car companies, which often generate little to no profit, while struggling to keep retail sales from sagging further, according to industry analysts. Industry consultant LMC cut its full-year forecast for new vehicle sales to 17 million vehicles. Automakers sold a record 17.55 million vehicles in the United States in 2016.

BMW Z5 roadster gets frosty in winter testing

The successor to the BMW Z4 (remember that thing?) is currently undergoing testing in what may be the least hospitable place for a two-seat roadster – northern Sweden. Yep, even sunshine-loving convertibles need to undergo winter testing. We still aren't 100-percent certain of the name, but rumors are pointing to BMW ditching the Z4 nomenclature in favor of Z5. As we've reported before, it's very likely that this car is being developed with help from Toyota. The platform underpinning the car shown here could become the long-awaited new Supra (albeit in hardtop-only form). We'd love to tell you about the look of this new car, but between the camouflage and the caked-on snow, it's hard to draw a bead. We can clearly see the headlights are inspired by newer BMWs like the 7 Series and 2 Series, but other details are harder to discern. The right elements are here, though. The prototype has a long hood and short rear deck. It's also worth pointing out that the car shown here marks a return to a canvas convertible roof. Aside from being less complex, our spies report that the soft top is being used to lower weight and provide sharper handling. While our report on the Z4's successor from March 2015 pointed to a 2020 launch date for the new roadster, our spies say the German part of this BMW/Toyota partnership could launch in late 2017 or early 2018 with four- and six-cylinder engine options. Related Video: Featured Gallery BMW Z5: Spy Shots Image Credit: CarPix Spy Photos BMW Toyota Convertible Performance bmw z5