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Toyota Recalling Millions Of Cars Over Multiple Concerns

Toyota Motor Corp. is recalling nearly 1.8 million vehicles in the U.S. for various safety problems, including air bags that may fail to deploy. The Japanese automaker announced the U.S. recall Wednesday as part of a broader recall of 6.39 million vehicles - and 27 Toyota models - globally. In the U.S., the recall includes: - 1.3 million vehicles with faulty electrical connections that could cause the air bags to deactivate. Included are the 2009-2010 Corolla, 2009-2010 Matrix, 2008-2010 Highlander, 2009-2010 Tacoma, 2006-2008 RAV4, 2006-2010 Yaris and 2009-2010 Pontiac Vibe. If the air bags deactivate, they could fail to deploy after a crash. - 472,500 small cars with defective springs in the front seat rails, which could prevent the seats from locking in place. Included are the 2006-2010 Yaris hatchback, 2007-2010 Yaris sedan and the 2008-2010 Scion XD. Toyota said it is currently working on remedies for the problems. Dealers will replace the defective parts for free when replacement parts are available. The Pontiac Vibe, which is made by General Motors Co., is included in the recall because Toyota designed and engineered it for GM when the two companies shared a factory in California. GM says 40,500 Vibes will be recalled, and says GM dealers will make repairs when Toyota sends them the parts. The air bag issue is unrelated to a separate GM recall of 2.6 million vehicles for an ignition switch defect that can also deactivate the air bags. The Vibe isn't included in that recall. Toyota said no injuries or crashes have been reported related to the recalls. By region, the recall affects 2.3 million vehicles in North America, 1.09 million vehicles in Japan and 810,000 vehicles in Europe. Other regions affected by the recall include Africa, South America and the Middle East. The recall is one of Toyota's largest since 2009 and 2010, when the company issued a series of recalls totaling more than 10 million vehicles for various problems including faulty brakes, sticky gas pedals and ill-fitting floor mats. Toyota is under pressure to announce recalls quickly after a U.S. government investigation found it hid information about past defects. Last month, the company agreed to pay $1.2 billion to settle that investigation. It also paid fines totaling $66 million to the U.S. government for delays in reporting unintended acceleration problems.

Toyota plans biggest stock buyback in over a decade

At the end of December, 2013 Toyota had a cash stockpile of 1.8 trillion yen ($17.5B US). As of March 31, at the end of its current financial year, company coffers are expected to swallow another 1.9 trillion yen ($18.4B US) in net profit - said to be a record sum for the Japanese automaker. In a gesture signaling a turnaround from the horrors of the global recession, Bloomberg reports that Toyota will buy back 60 million shares of its stock, as much as 1.89 percent of the company, for something like 360 billion yen ($3.5B US). It's the first buyback since 2009 and the largest buyback since 2003, when it spent roughly 390 billion yen ($3.8B US) repurchasing shares.
Company president Akio Toyoda founded the Toyota Mobility Foundation (TMF), a non-profit that will support international groups working on transportation issues in emerging markets. Half of the stock that Toyota buys, 30 million shares, will be sold to the foundation via the Japanese Trustee Services Bank for one yen per share, the dividend providing the foundation's initial funding. The other 30 million shares will be canceled, a company spokesman telling Reuters that the company wants to reward shareholders.
Industry analysts have been asking Toyota to either return money to shareholders or invest in new factories, but Toyota has ruled out the latter. After getting burned with excess capacity when the financial crisis came, the company is focused on extracting efficiencies from the plants it already has. Toyota has said it plans to complete the buyback by June of this year.

Weekly Recap: Bentley Bentayga leads luxury SUV charge at Frankfurt

The Bentley Bentayga is launching a new era of ultra high-end sport utility vehicles that will see luxury makers vie for the world's richest and most exclusive customers. The Bentayga is Bentley's first SUV, and it will formally debut next week at the Frankfurt Motor Show. It's loaded with Bentley's best technology and features, led by a 600-horsepower W12 engine. The mission is simple: stop giving up sales to other companies by not having an SUV in its portfolio. "It creates an entirely new category of ultra-luxury SUV, where there are currently few rivals," IHS Automotive analyst Ian Fletcher said in a report. But Bentley and the Bentayga will soon face stiff competition. Archrival Rolls-Royce will produce its own crossover to be built in England, though timing is unclear. Lamborghini has approved plans for a ute that will be assembled in Italy and launch in 2018. Even the sportier British brands are getting into the market. Aston Martin will make a crossover version of the DBX concept shown earlier this year in Geneva, and Jaguar is launching the F-Pace crossover, which will debut in Frankfurt. These new entries will invigorate a segment that's comprised of the Mercedes G63 AMG and the Land Rover Range Rover SV Autobiography, and Bentley is poised to grab a large share of it, Fletcher noted. IHS forecasts Bentayga sales could hit 3,000 units per year in 2017 and 2018, pushing total Bentley sales to more than 10,000 in the next few years. The vehicle will also get plug-in hybrid and diesel variants to widen its reach. The Bentayga is a sales grab, for sure, but Bentley took care to ensure the SUV remained true to the brand. It's laden with the top-shelf wood, leather, and metal, and it comes standard with an expansive panoramic glass roof. It also has intelligent features like electronic night vision and an optional responsive off-road system that can be configured to adapt to eight different settings. It's a different kind of Bentley, but it's a harbinger of things to come for the world's richest luxury makers. Other News & Notes Toyota debuts next-gen Prius Toyota revealed the next-generation of its iconic fuel-sipping hybrid, the 2016 Prius, at an event in Las Vegas. The car promises 10-percent gains in fuel efficiency, though actual figures – and even powertrain specifics – were not revealed. We estimate that could mean about 56 miles per gallon in city driving and 53 on the highway.