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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.

President Trump to visit Michigan on Wednesday to attend auto-related event

President Trump will visit the Detroit area on Wednesday for the first time since taking office, the Detroit News reports this morning, to meet with officials of automakers, suppliers and unions, and to attend a rally of autoworkers. Trump might use the event to announce his intentions to roll back fuel-economy standards for cars and trucks. The automakers agreed to the standards, which set a goal of a fleet average 54.5 miles per gallon by the year 2025, under President Obama, but they have lobbied Trump to repeal them. "This is a continuation of a dialogue with the auto industry leaders, and also going back and reconnecting with a lot of the people who elected him," Chris Liddell told the News. Liddell is former chief financial officer of General Motors and now assistant to the president for strategic initiatives at the White House. Trump might also use Wednesday's visit to advocate the House Republicans' proposed replacement for the Affordable Care Act. Later Wednesday, he will attend a campaign-style rally in Nashville, and White House Press Secretary Sean Spicer has said the president intends to hit the road to sell the American public on the Obamacare replacement plan. The auto industry has been high on Trump's agenda - and a focus of his rhetoric to return manufacturing jobs and facilities to the United States. During his first week in office, Trump met privately at the White House with the CEOs of Ford, GM and Fiat Chrysler, and GM CEO and Chairman Mary Barra and Ford CEO Mark Fields are members of Trump economic advisory groups. He has criticized Ford and GM for making cars in Mexico and took credit when Ford scrapped plans for a new plant there. Related video: Government/Legal Green Chrysler Ford GM Fuel Efficiency Detroit Michigan

Ford reveals automated Fusion Hybrid

Autonomous cars may still be in their infancy, but more and more big names in the auto industry are diving in head first. Nissan is already making strides with a semi-autonomous Leaf EV and General Motors is planning to offer semi-autonomous tech by 2020. And then there's Google, doing its thing with a fleet of Toyota Prius. Now, Ford is showing off its latest automated effort, a driverless Fusion Hybrid.
Partnering with the University of Michigan (Go Blue!) and State Farm Insurance, the project is part of Ford's Blueprint for Mobility, the company's plan for transportation beyond 2025. "The Ford Fusion Hybrid automated vehicle represents a vital step toward our vision for the future of mobility," Chairman Bill Ford said. "We see a future of connected cars that communicate with each other and the world around them to make driving safer, ease traffic congestion and sustain the environment."
The automated Fusion features four LiDAR infrared sensors that scan the road 2.5 million times every second, using a principle similar to the echolocation used by dolphins or bats. Using the infrared light emitted by the LiDAR, the car can draw a picture of everything within 200 feet to create a map of its surroundings. According to Ford, the sensors are able to tell the difference between a paper bag and a small animal from a football field away.