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Japan may aid carmakers facing U.S. tariff threat

TOKYO — Japan is considering giving carmakers fiscal support including tax breaks to offset the impact from trade frictions with the United States and a sales-tax hike planned for next year, government sources told Reuters on Wednesday. Going into a second round of trade talks with the United States on Sept. 21, Japan is hoping to avert steep tariffs on its car exports and fend off U.S. demands for a bilateral free trade agreement that could put it under pressure to open politically sensitive markets, like agriculture. "If the trade talks pile pressure on Japan's car exports, we would need to consider measures to support the auto industry," a ruling party official said on condition of anonymity because of sensitivity of the matter. The auto industry accounts for about 20 percent of Japan's overall output and around 60-70 percent of the country's trade surplus with the United States, making it vulnerable to U.S. action against Japanese exports. Japan's biggest automakers and components suppliers fear they could take a significant hit if Washington follows through on proposals to hike tariffs on autos and auto parts to 25 percent. Policymakers also worry that an increase in the sales tax from 8 percent to 10 percent planned for October 2019, could cause a slump in sales of big-ticket items such as cars and home. Prime Minister Shinzo Abe has twice postponed the tax hike after the last increase from 5 percent in 2014 dealt a blow to private consumption, which accounts for about 60 percent of the economy. To prevent a pullback in demand after the tax hike, the government may consider large fiscal spending later when it draws up its budget for next year, government sources said. "One option may be to greatly reduce or abolish the automobile purchase tax," one of the government sources said. The government is also considering cuts in the automobile tax and automobile weight tax to help car buyers, the source added. Reporting by Izumi Nakagawa and Tetsushi KajimotoRelated Video: Image Credit: Getty Government/Legal Isuzu Mazda Mitsubishi Nissan Subaru Suzuki Toyota Trump Trump tariffs trade

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

Mazda MX-5 Miata Cup racecar priced at $53,000

The 2016 Global MX-5 Cup is one of very few internationally competitive racing series that the average person can imagine (or afford) getting into. The ready-to-race Miatas are available to order now for $53,000 and deliveries are set to begin later this year. The first one is actually already on track as a pace car at Mazda Raceway Laguna Seca. With competition planned in North America, Europe, and Asia, all of the cup cars are identically prepared to emphasize drivers' skill rather than their bank account. The full list of Cup components hasn't been announced yet, but the roll cage and stripped interior are obvious. The 2.0-liter SkyActiv four-cylinder is still under the hood, too. The Global MX-5 Cup will also offer competitors big rewards, including a $200,000 scholarship for the season champion to move another rung up the motorsports ladder. In addition, Mazda will bring together the top racers from across the world to Laguna Seca to crown a series world title holder in a finale event. That winner will get a test In Mazda's prototype from the IMSA Weathertech SportsCar Championship. For now, Mazda is giving first priority to buyers planning to compete in its series. In the future, buyers of MX-5 Cup cars have other competition options, being eligible for some classes in Sports Car Club of America and National Auto Sport Association racing. Related Video: Mazda Announces Global MX-5 Cup Race Car Pricing - Initial Orders Being Accepted for the $53,000 Ready-to-Race 2016 MX-5 Miata - Oct 1, 2015 IRVINE, Calif., Oct. 1, 2015 /PRNewswire/ -- The Mazda MX-5 Miata is the most road-raced production car in the world. The reason is simple - great performance at an affordable price. The new Global Mazda MX-5 Cup race car follows that formula, and will be Mazda Motorsports' first-ever ready-to-race MX-5 Miata. The new race car will be available at the special introductory price of $53,000. The race car ordering process begins on www.MazdaMotorsports.com with first deliveries scheduled to begin later this year. 2016 Global Mazda MX-5 Cup Race Cars Having a turnkey, ready-to-race car removes the effort of engineering and costs of fabrication, enabling the racer to focus on racing. All racers can purchase identically-built race cars so that driving talent will be the number one determining factor for on-track performance, rather than budget, engineering capability or fabrication skills.