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Unintended acceleration settlement hits Toyota's Q4 bottom line

Depending on how you want to look at things, the US Attorney's Office $1.2-billion dollar settlement with Toyota in March over its unintended acceleration recall was either a big blow to the company or completely inconsequential. From January to March, net income fell five percent to 297 billion yen ($2.89 billion), compared to 313.9 billion yen ($3.05 billion) a year ago. However, the automaker still posted record full-year profits worldwide.
Operating profit also fell in the US by 9 percent to $498.1 million for the quarter, but sales were up by 6 percent to 581,261 vehicles. According to Automotive News, global revenue was still up from January to March by about 13 percent and vehicle sales were up 6 percent to 2.58 million units.
However, the payment to the feds did little to hold the company back last year. For the fiscal year ending March 31, 2014, Toyota had net income of 1.82 trillion yen ($17.7 billion), compared to 962.1 billion yen ($9.5 billion) in the last fiscal year. Total vehicle sales were also up.

Toyota Pro/Celebrity race switching from Scion tC to FR-S [w/video]

Toyota has announced that the rear-wheel-drive Scion FR-S will replace the front-wheel-drive Scion tC as the racecar used by actors, singers and celebrities of all grades in its annual Toyota Pro/Celebrity Race. It's the first time a rear-drive vehicle has been used for the event in 27 years, with the tC having been in use since 2005, and the FWD Celica before that. This year's race takes place on April 20th amidst the festivities of the Toyota Grand Prix of Long Beach weekend.
The racing FR-S, which debuted today at the Chicago Auto Show, won't be left stock either, but rather outfitted with a range of official Toyota Racing Development parts and equipment, such as a stainless steel exhaust, new coil overs and springs, upgraded brakes, a bigger air intake and 18-inch wheels, not to mention all of the safety equipment required to keep the celebrities and pro drivers safe. The company says the performance mods have lifted horsepower to 210 from the standard car's 200. Check out the build process for the cars in the video below to see just how much work's been done.
The Toyota Pro/Celebrity race is also about more than just letting celebrities and pros do battle on a road course. The spectacle helps raise money for "Racing for Kids," a non-profit charity that supports children's hospitals in the US.

Toyota issues stop sale on 6 key models over seat fabrics; recall possible? [UPDATE]

Toyota has issued a stop-sale order on six of its core models due to concerns about the flammability of certain seat fabrics. The issue rests not with the cloth and leather covers themselves, but with a piece of seat heater beneath them that fails to meet US Federal Motor Vehicle Safety Standards for flame retardancy.
There have been no reports of fires or injuries from the affected cars, which include some of Toyota's biggest volume sellers. 2013 and 2014 Camry, Camry Hybrid, Avalon and Sienna models equipped with heated seats are included in the stop-sale, as are 2014 Tundra pickups and Corolla sedans. The exact number of vehicles with the non-compliant materials are still being tabulated, according to The Detroit Free Press.
According to a Toyota spokesman, the National Highway Traffic Safety Administration has been notified, although it remains to be seen if a recall will be issued. Outside of a full recall, though, it's unclear how Toyota will deal with vehicles equipped with the flammable materials that have already found homes.