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Kayaba, Sumitomo to pay millions for price-fixing in US

Kayaba Industry Co, which does business in the US as suspension parts maker KYB, and Sumitomo Electric Industries are facing payments in the millions to settle price-fixing cases about the components that they make. As part of the Department of Justice's ongoing crackdown of price fixing in the auto industry, KYB agreed to pay $62 million and pleaded guilty to conspiracy to set the cost of shock absorbers from the mid '90s through 2012. The company allegedly worked with co-conspirators to keep the cost of the parts high, and those components then made it into vehicles from Honda, Kawasaki, Nissan, Subaru, Suzuki, and Toyota. "Any collusive agreement among competitors to restrict price competition undercuts our free enterprise system and violates the law," said Carter M. Stewart, US Attorney of the Southern District of Ohio, in the DoJ's announcement. Over the past few years, the DoJ has brought cases against 37 parts suppliers and 55 executives, leading to over $2.6 billion in fines. The investigations haven't always been so successful – some of the Japanese execs fled from the US to avoid prosecution. Critics allege that price fixing is simply how business is done. According to Automotive News, Sumitomo Electric Industries is also facing a $50 million settlement in a civil lawsuit that's related to price fixing of parts like wiring harnesses and heater control panels. The plaintiffs include owners and dealers that purchased vehicles with these parts. The company asserts that the violations are from before 2010, and it now has different process in place to avoid further violations. KYB Agrees to Plead Guilty and Pay $62 Million Criminal Fine for Fixing Price of Shock Absorbers Kayaba Industry Co. Ltd., dba KYB Corporation (KYB) has agreed to plead guilty and to pay a $62 million criminal fine for its role in a conspiracy to fix the price of shock absorbers installed in cars and motorcycles sold to U.S. consumers. According to charges filed today, KYB conspired from the mid-1990s until 2012 to fix the prices of shock absorbers sold to Fuji Heavy Industries Ltd. (manufacturer of Subaru vehicles), Honda Motor Co. Ltd., Kawasaki Heavy Industries Ltd., Nissan Motor Company Ltd., Suzuki Motor Corporation and Toyota Motor Company, including their subsidiaries in the United States.

McLaren confirms Alonso, keeps Button

Every year a big game of musical chairs breaks out in the Formula One paddock, as some drivers try to hold on to their seats, some try to grab new ones and others are left without a seat for the following season. McLaren has been extremely reluctant to announce who would be sitting in its carbon-fiber seats next season, but it's finally spilled the beans. McLaren was strongly rumored to have hired Fernando Alonso for next season, speculation over which was all but confirmed when the two-time world champion announced his departure from Ferrari. He's now been officially confirmed to be returning to Woking for next season. But the bigger question over who would be his wingman has now been answered as well, as the team has decided to keep Jenson Button on board for at least one more season. Long regarded as a top driver, Button started out with Williams back in 2000, then spent a couple of seasons in Enstone with Renault before switching to Honda in 2003, finally winning the championship in 2009 when the team went out on its own as Brawn GP (now Mercedes). He switched to McLaren in 2010 to form a dream team with Lewis Hamilton (who in turn left for Mercedes last year), but though Jenson has been unable to rack up another world title, he's remained a favorite especially of Honda's, which returns to F1 next season to rekindle its once-dominant engine-supply partnership with McLaren. Alonso, meanwhile, made his grand prix debut with Minardi (now Toro Rosso) just one year after Button, then switched to Renault first as a test driver and then got the race seat, winning back-to-back world championships in 2005 and 2006. He subsequently spent one tumultuous season alongside Hamilton at McLaren before going back to Renault and then to Ferrari, which which he spent five years, scoring eleven checkered flags to finish in second place in the standings, three times. Alonso's signing and Button's retention spell bad news for Kevin Magnussen, the young Danish driver who got his start with McLaren earlier this season after winning the Formula Renault 3.5 Series title last year. With all the other seats already spoken for, Magnussen was left with no choice but to accept a test-driver role with McLaren in the hope that he might be promoted back again in the future. McLaren-Honda prepares for 2015: laying the foundations for future domination McLaren-Honda is delighted to announce its new driver line-up for 2015: Fernando Alonso and Jenson Button.

Honda surprises with Gear concept in Montreal

It's not often that a major automobile manufacturer debuts a brand-new concept at the Montreal International Auto Show - mostly because it takes place concurrently with the massive show in Detroit - but here we are with the so-called Honda Gear Concept Study Model, which was just uncovered by our friendly neighbors to the north.
According to the automaker, the Gear "demonstrates Honda's innovative approach to providing the automotive answer for young, urban, Gen-Y lifestyles. Inspired by fixed-gear bicycles... Gear is simple and utilitarian, but also customizable, connected and full of personality." It is apparently "practical but fun, customizable, connected and affordable. Everything that young, discerning urban buyers would want in a car," according to Dave Marek, Design Director at Honda R&D Americas.
We don't know anything else - what might lie underhood, how it is "connected" or at what price point it might potentially be sold at. Check out our high-res image gallery above and the press release below and you'll know just about as much as we do.